ICE Canola Declines with Increase in Farmer Selling

A Winnipeg-based trader said there was more producer selling in the market Thursday, stating "farmers keep moving grain every time we see a rally in prices."

Weakness in CBOT soyoil was adding to the bearish tone of values, as demand from the crushing sector was not as strong, market watchers said.

The trader said canola was ‘underperforming’ in comparison to CBOT soybeans and corn, which had both posted advances at midsession.

The pricing of old export business was restricting the losses in canola, brokers said.

The Canadian dollar was about two tenths of a cent weaker at midday, which was also a factor limiting losses in canola, analysts said.

Minor overnight advances by European rapeseed was another positive factor for canola, experts said.

At 10:45 CST, there had been about 6,100 canola contracts traded.

Western barley futures were unchanged and untraded at midday Thursday.

Prices in Canadian dollars per metric ton at 10:45 CST: