ICE Canola Follows Soybeans Lower

"There’s not a lot of bullish news out there," said a canola broker. He said the losses in crude oil and the CBOT soy complex were spilling into the canola market, accounting for most of the weakness.

Expectations for good harvest weather in both Canada and the US over the weekend were also weighing on canola, with grower selling likely picking up, said the broker.

The uncertainty of future business to China, with the country’s blackleg restrictions slated to come into effect November 15, also continued to overhang the canola market, said the broker.

Scale down exporter demand provided some support, limiting the losses in canola. The broker said canola was still looking reasonably attractive to end users from a pricing standpoint.

Weakness in the Canadian dollar, which was down by a third of a cent relative to its US counterpart by midsession, also helped underpin canola values.

At 10:50 CST, about 5,400 canola contracts had changed hands. Spreading was only a small feature, accounting for about 1,000 of the contracts traded.

Western barley futures were mixed at midsession, although activity was light with 21 contracts traded.

Prices in Canadian dollars per metric ton at 10:50 CST: