ICE Canola Follows CBOT Soybeans Down

The nearby November, January and March contracts were the mostly actively traded.

Position evening ahead of the Labour Day long holiday weekend was a feature of the trade.

Good growing conditions on the Canadian prairies and reports of increased harvest activity helped to spur the selling that took canola futures down, brokers said.

The potential for a record sized US soybean harvest, due to favorable weather in the US Midwest helped to undermine canola prices, brokers said.

The rally in the Canadian dollar was viewed as bearish for prices as well.

Elevator company hedging contributed to some of the price weakness seen in canola.

Underlying support in canola was linked to talk of fresh export demand under the market with the buying back of previously sold positions also an underpinning price influence, traders said.

Steady domestic crusher demand under the market was also evident and helped to slow the price drop.

There were an estimated 6,152 canola contracts traded at 10:47 CDT.

There were no western barley futures traded as of 10:47 CDT.

Prices in Canadian dollars per metric ton at 10:47 am CDT: