ICE Canola Down, Following Soybeans

Movements in the outside currency and commodity markets were also taking their toll on canola, according to a broker. He noted that the stronger tone for the US dollar internationally, together with the fact that the Canadian dollar was also showing some strength, put some pressure on canola values. Sharp losses in gold were also accounting for some spillover speculative selling in the grain and oilseed markets, said the broker.

Canola also continued to be pressured by the large production estimate released by Statistics Canada on Thursday. Although, the broker noted that the commodity remains relatively cheap despite the larger crop, which should limit the downside.

Routine export business was thought to be providing some underlying support, according to the broker.

A slightly firmer tone in crude oil, together with a relatively steady tone in soybean oil, was also seen as supportive for canola.

At 10:59 CST, about 7,000 canola contracts had changed hands, with the January/March spread a minor feature of the activity.

Western barley futures were untraded and unchanged at midday.

Prices in Canadian dollars per metric ton at 10:59 CST: