ICE Canola Down In Thin Trade

After failing to hold above C$600 per metric ton in the March contract earlier this week, traders said the nearby technicals were looking a little soft for canola.

Improving conditions for the soybean crop in Argentina also spilled over to weigh on canola values.

CBOT soybeans were also being called slightly lower to start the North American session, but could easily bounce higher given some strong export demand, said an analyst. Malaysian palm oil futures were also higher in overnight trade.

The longer-term fundamentals for the oilseed markets remain supportive overall, according to a market analyst. He said exporters and domestic crushers were taking advantage of any moves lower to increase their purchases. A lack of significant farmer selling was also supportive for canola.

About 400 canola contracts had traded as of 8:30 CST.

Western barley futures were untraded and unchanged Thursday morning.

Prices in Canadian dollars per metric ton at 8:30 CST: