ICE Canola Lower In Choppy Trade

A canola broker said "holiday fun" was likely behind the price swings in canola, with the market lacking its usual direction from the CBOT soy complex. US markets were closed for Thanksgiving on Thursday.

Large price swings in the international equity and commodity markets were pulling the canola market around on Thursday, according to the broker.

News that CN Rail locomotive engineers have served strike notice also put some pressure on prices, as a strike would disrupt the movement of canola in western Canada.

The Canadian dollar was sharply weaker on Thursday, which would normally be a supportive price influence for canola, according to the broker. He thought canola could easily jump higher before the close, but noted that any moves will also depend on how traders think the soybean market will reopen Thursday night. "It’s a juggling act," he said

At 10:55 CST, about 5,000 canola contracts had changed hands, with the January/March spread a feature of the activity.

Western barley futures were holding steady, with 10 contracts traded by midsession. The Canadian Wheat Board releases its latest Pool Return Outlooks Thursday afternoon, and market participants are generally expecting steady to slightly weaker barley prices.

Prices in Canadian dollars per metric ton at 10:55 CST: