ICE Canola Lower On Profit-Taking

A trader said declines in soybeans and the slightly firmer Canadian dollar helped trigger the downward move in canola.

He added that the November canola contract ran into technical resistance at the C$460 per metric ton level in overnight trade. Any buying interest backed away at that level and speculative selling came forward.

The losses in canola were tempered by the ongoing production uncertainty across western Canada, with more shower systems causing moisture problems in some areas over the weekend, according to the trader. He said farmers were generally reluctant sellers, given the weather uncertainty, keeping prices well supported.

While the market ran into some technical resistance on Monday, traders were generally of the opinion that the overall uptrend remained intact after a period of consolidation.

At 11:00 CDT, about 5,800 canola contracts had changed hands.

Western barley futures were untraded and unchanged.

Prices in Canadian dollars per metric ton at 11:00 CDT: