ICE Canola Lower with Strong Canadian Dollar

The nice weather across the Canadian prairies was allowing producers to continue their harvest operations, which added to canola’s bearish tone. Strong yields were also hurting the market, experts said.

Lots of selling was coming from Canadian grain companies, as well as from producers selling product from off the combine, market watchers said.

Activity in canola was choppy with market participants seen evening up positions ahead of Friday’s latest round of supply/demand reports scheduled to be released by the USDA and the closure of the ICE Canada Futures Trading Platform on Monday for the Canadian Thanksgiving holiday.

Routine export demand was seen out of Japan.

Gains overnight in Malaysian palm oil and European rapeseed values were also helped temper canola’s losses Wednesday, analysts said.

At 10:35 CDT, there had been 5,000 canola contracts traded, with about 1,800 linked to spreading.

Western barley futures were untraded and unchanged to midsession.