ICE Canada Review: Canola Lower with Farmer Selling

Market watchers said producer selling was also a more prominent factor in the market Thursday, with farmers seeming to move grain every time there is a rally in prices.

Significant losses in CBOT soyoil was another factor that contributed to canola’s declines, as the lower levels were making crush margins less favorable for those in the processing sector, brokers said. Losses in CBOT soybeans added to the bearish tone of the market.

Losses were restricted by the Canadian dollar, which was trading at weaker values, analysts said.

Brokers said the pricing of old export business was also tempering losses in the market.

About 17,358 contracts were traded on Thursday, which compares with Wednesday, when an estimated 24,528 contracts changed hands. Spreading accounted for about 15,054 of the contracts traded.

Western barley futures were untraded and unchanged.

Settlement prices are in Canadian dollars per metric ton.