ICE Canola Firm In Choppy Trade, C$ and Soyoil Supportive

A canola broker said the weakness in the Canadian dollar, which was down by about half a cent relative to the US currency, was accounting for some of the buying interest in canola.

He said the firmer tone in CBOT soyoil, while soymeal and soybean futures were slightly lower, also helped underpin canola given the higher oil content in canola.

However, trade was turning choppy in canola by midsession and the futures were bouncing around both sides of unchanged. The broker said weather forecasts should allow some of the canola still left in the fields to be harvested over the next week.

Lackluster domestic crusher demand was also cited as a bearish price influence. The broker pointed to weekly crush data that showed domestic processors were running well behind the year ago level.

At 10:49 CDT, about 6,600 canola contracts had changed hands, with the Nov/Jan spread a feature of the trade.

Western barley futures were holding steady, lacking any clear direction with 172 contracts traded by midsession.

Prices in Canadian dollars per metric ton at 10:49 CDT: