ICE Canola Mixed Awaiting Fresh Inputs

Some minor support in the nearby contracts was linked to the minor advances in the old crop CBOT soybean futures. The slow pace of farmer deliveries and the need of exporters to cover nearby export commitments also helped to bolster the nearby months, brokers said.

Some minor domestic crusher demand also helped to provide some underlying support for values.

The upside in canola was being restricted by a drop off in fresh export demand and the upward recovery in the value of the Canadian dollar, traders said.

Declines in new crop CBOT soybean values and weakness in CBOT soyoil futures also helped to spark some selling in new crop canola futures, traders said.

Bearish technical signals also worked against canola contracts.

Traders said the fundamentals also aren’t pointing strongly to one direction or the other.

On the one hand, weather conditions are thought to be improving in western Canada. However, on the other hand there are still more then enough areas of concern to keep prices supported.

Some position evening ahead of next week’s acreage update from Statistics Canada was also helping to sideline a few market participants, brokers said.

There were an estimated 5,280 canola contracts traded at 10:45 CDT.

There were no western barley futures traded as of 10:45 CDT. Most traders have taken to the sidelines as they wait for the introduction of revised western barley contracts on June 22.

Prices in Canadian dollars per metric ton at 10:45 am CDT: