ICE Canola Edges Down On Weak US Soy

Canola saw a very thin trade as only 264 contracts had traded as of 08:19 CST.

Canola was lower in the overnight session prompted by the weakness in CBOT soy complex futures amid a lack of demand.
Canola was expected to see small losses as the North American trading session opened with anticipated declines in CBOT soy complex futures weighing on values.

Canola was mainly undermined by the weakness in the US market amid a lack of fresh news. The favourable outlook for the South American soybean crop and thin seasonal trade will contribute to the declines, said analysts.

However, underpinning the market and causing some traders to be a bit more optimist this morning are the weak Canadian dollar and the slow pace to farmer selling.
Another huge sale of US soybeans to China overnight was also viewed favourably as was a friendlier technical picture.

"I think we will be starting the day lower, but I think we could turn higher if the US markets firms up at all", said a trader. However, he noted in the thin holiday trade "anything can happen".

Commercials have been the only traders so far this morning.
Brokers are looking to see if the speculative positioning that occurred yesterday will be back today.

Western barley rallied in light trade as prices were lifted by the absence of willing sellers amid a lack of news.

The total barley volume was estimated at 20 contracts as of 08:33 CST.

Prices at 08:34 CST in Canadian dollars per metric ton: