ICE Canola slighlty Weaker in Choppy Trade

ICE Canola Slightly Weaker in Choppy Trade

After a significant sell off early in the session, canola bounced back and is now trading in line with the US market for the most part. The Canadian dollar was mostly unchanged early Monday.

A trader said the weather across the prairies has not been ideal, which has pushed the harvest back. The delayed harvest has increased the potential for frost problems. However, forecasts for this week across the prairies are calling for mostly sunny conditions.

Canola was being purchased by commercial buyers, who are still finding the price appetizing, although not as good as it was about a week ago. Commercial exporters and crushers were buying while canola was lower early in the day, the trader said.

Selling was mostly speculative, as producer selling doesn’t usually materialize until later in the day, said the trader.

At 10:50 CDT, about 4,300 canola contracts had been sold.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:50 CDT: