ICE Canola Lower In Early Trade

Calls for a slightly weaker start to the North American session for the CBOT soy complex should keep canola under pressure, said traders. Malaysian palm oil and European rapeseed contracts also posted small losses in overnight activity.

Early strength in the Canadian dollar could add to any selling pressure in canola, according to traders. However, any bearishness stemming from the currency may be offset by the relatively firmer tone in the energy markets.

Traders thought canola could trade to both sides of unchanged on Tuesday given some of the uncertainty in the outside markets. Ongoing concerns about the lateness of this year’s canola crop, and the potential for an early frost, should keep values supported, traders added.

About 185 canola contracts had traded as of 8:55 CDT.

Western barley futures were lower in overnight activity, with 56 contracts traded. The market continued to be pressured by the news Monday that the Rogers Commodity Index would remove barley from its index, effectively doing away with any speculative interest in the commodity, said an analyst.

Prices in Canadian dollars per metric ton at 8:55 CDT: