ICE Canola Lower with Profit Taking

Overnight losses in European rapeseed and the CBOT soy complex added to canola’s losses, brokers said.

The improving conditions in Argentina for the soy crop also put downward pressure on values, experts said.

Market watchers said they expect the tone for markets as a whole today will be set by outside market and global macro-economic influences, which have had a bearish tone so far this morning, with crude oil leading the way, down more than US$2 per barrel.

Losses were limited by the Canadian dollar, which was more than a half cent weaker this morning, and had fallen below parity with its US counterpart.

Export business remained strong – in part due to the weakening currency – with Dubai reported to be looking at purchasing product, market watchers said.

Malaysian palm oil was slightly higher in overnight trade, which was positive news for values, analysts said.

At 08:30 CST, there had been about 1,700 canola contracts traded.

Western barley futures were unchanged and untraded early Thursday.

Prices in Canadian dollars per metric ton at 08:30 CST: