ICE Canola Down On Active Farmer Deliveries

"It seems like farmers want to deliver canola," said a Winnipeg-based trader, noting that country elevators were seeing large deliveries over the weekend. While the trader thought much of the canola being delivered may have been contracted at higher prices earlier in the year, he said the fact that the physical pipeline was filling up with canola meant that end users would have no need to bid up the market now.

Losses in CBOT soyoil and a firmer tone in the Canadian dollar were also slightly bearish for canola, according to the trader.

However, CBOT soybeans were higher on the day, providing some spillover support for canola, according to the trader.

Routine exporter and domestic crusher pricing were likely behind some of the buying interest in the market.

At 10:57 CDT, about 5,750 canola contracts had changed hands, with the Nov/Jan spread accounting for the majority of the trade.

Western barley futures were untraded by midsession, lacking any clear market moving incentives.

Prices in Canadian dollars per metric ton at 10:57 CDT: