ICE Canola Up Slightly On Pre-Weekend Position Evening

"We’re squaring up ahead of the weekend," said a canola trader. He said some of the strength in canola was spilling over from the CBOT soy complex, where the uncertainty with the US crop was providing some support. "Nobody wants to be short going into the weekend," the trader added.

A slowdown in farmer selling was also underpinning the canola market. The trader said the canola harvest was over 60% complete, and the selling pressure was easing up.

Exporter and domestic crusher pricing was also providing support, although traders didn’t think there was any fresh business to report on Friday.

Expectations for a large canola crop limited the upside, said the trader. Statistics Canada will release its updated production estimates on October 2, and most market participants are anticipating an upward revision of a million tons or more to their last canola estimate of 9.5 million tons.

At 11:03 CDT, about 5,400 canola contracts had changed hands.

Western barley futures were mixed, with losses in October but gains in the November futures. Participants exiting nearby month were likely behind some of the weakness in the soon to be de-listed October contract. The November contract is the first of the new barley contracts which shift the delivery point to Alberta from Saskatchewan.

Downward revisions to the Canadian Wheat Board’s Pool Return Outlooks for feed barley also weighed on values. However, the slightly firmer tone in CBOT corn was providing some support.

About 28 barley contracts had traded by midsession.

Prices in Canadian dollars per metric ton at 11:03 CDT: