ICE Canola Lower on Profit Taking

Overnight losses in e-CBOT soyoil and Malaysian palm oil added to the defensive tone of the market in early trade, brokers said.

Hedge selling from farmers was another factor putting bearish pressure on values, the activity was limited as producers have been waiting for prices to go even higher, market watchers said.

Helping to restrict losses were slight overnight gains made by both e-CBOT soybeans and European rapeseed, analysts said.

Demand from exporters and domestic crushers continued to be strong, given favorable crush margins and the steady export pace, brokers said.

The Canadian dollar was about 2 tenths of a cents weaker in early trade, with helped temper canola’s losses, experts said.

At 08:35 CST, there had been about 1,350 canola contracts traded.

Western barley futures were unchanged and untraded early Thursday.

Prices in Canadian dollars per metric ton at 08:35 CST: