ICE Canola Eases with Strong Canadian Dollar

Many crops across the Canadian prairies are improving thanks to generally dry conditions, which added to the bearish tone of the market, experts said.

Elevator company hedge selling, triggered by steady farmer deliveries of canola into the cash pipeline, also put a defensive tone on values, brokers said.

Declines were limited by overnight advances by the e-CBOT soy complex, as well as Malaysian palm oil, market watchers said.

Further strength was found from steady commercial demand, as well as the pricing of old export business with Japan, analysts said.

As well, canola’s rally at the close during Tuesday’s session gave traders a more bullish outlook from a technical standpoint, brokers said.

At 08:35 CDT, there had been about 1,150 canola contracts traded.

Western barley futures were unchanged and untraded early Wednesday.

Prices in Canadian dollars per metric ton at 8:35 CDT: