ICE Canola Slightly Firmer In Choppy Trade

A canola broker described the overall tone in canola as "meandering" and "lacking in direction." He said choppiness in the outside commodity, equity, and currency markets was leading to a choppy tone in canola as well.

The CBOT soy complex, which usually provides some direction for canola, was mixed on Wednesday. Although, the bias in soybeans was to the downside by midsession.

Canola, meanwhile, was still holding onto gains at midday. Part of the relative strength in canola was tied to a slowdown in farmer selling, said traders.

Wet weather in Saskatchewan and Manitoba has put the harvest at a standstill in those provinces, providing some further support to the market, according to a broker.

Routine exporter pricing was also a supportive feature in canola.

At 10:53 CDT, about 7,900 canola contracts had changed hands, with the Nov/Jan spread a minor feature as commodity funds adjust their positions.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:53 CDT: