ICE Canola Consolidating Lower

With no clear market moving factors to provide direction, traders expected consolidation would be the order of the day in canola as participants take profits. The CBOT soy complex was being called mixed to start, providing little incentive to take canola one way or the other, said traders.

The Canadian dollar was stronger once again Wednesday morning, which should weigh on canola values, said traders. Steady farmer selling was also expected to weigh on values.

Generally favourable crop conditions for the South American soybean crop were also seen as a bearish price influence in the canola market.

While profit-taking may weigh on values, an analyst said the technicals were still pointing higher, which should limit the downside.

Routine exporter pricing was also expected to remain supportive, with a strong canola export program on the books through January, despite the ongoing restrictions to China.

About 780 canola contracts had traded as of 9:03 CST.

Western barley futures were unchanged and untraded in overnight activity.

Prices in Canadian dollars per metric ton at 9:03 CST: