ICE Canola Consolidates In Narrow Range

A trader said light farmer selling was being met by small amounts of commercial buying, keeping the market within a narrow range with most participants appearing reluctant to take prices too far one way or the other ahead of the weekend.

A slightly weaker tone in the CBOT soy complex did put some downward pressure on canola values, according to traders.

However, sharp weakness in the Canadian dollar, which was down by over a cent compared to its US counterpart, provided some underlying support for canola, according to traders.

Ongoing concerns about canola production in western Canada, given the adverse weather conditions this year, also remained a supportive feature in the market. Production problems for the European rapeseed crop were also providing some spillover support for canola.

At 10:44 CDT, about 4,900 canola contracts had changed hands, with the November/January spread a minor feature.

Western barley futures were untraded and unchanged.

Prices in Canadian dollars per metric ton at 10:44 CDT: