ICE Canola Mixed In Choppy Trade

Forecasts across western Canada remain favourable for the time being, which was putting downward pressure on canola values, according to a Winnipeg broker. He said crop production prospects were growing larger with each day of good weather, keeping the path of least resistance lower.

Losses in the CBOT soy complex were also putting some pressure on the canola market, according to the broker.

However, the canola market wasn’t down to the same extent as soybeans and the canola futures were bouncing above unchanged in the choppy activity.

The broker thought speculative short-covering was accounting for most of the strength in canola. He said firm export demand was also providing some support.

Traders thought there was likely some fresh export business taken place, given the larger than normal volumes in canola.

At 10:51 CDT, about 15,700 canola contracts had changed hands.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:51 CDT: