ICE Canola Weakens With Profit-Taking

Sharp declines in the CBOT soy complex, particularly soyoil, helped encourage the selling in canola, with fund long-liquidation a feature, according to a Winnipeg-based broker.

A lack of fresh commercial buying interest also weighed on canola values, said a second broker who noted that the exporters and domestic crushers were only pricing old business on a scale-down basis.

Recent rains in Argentina added to the bearish tone in the oilseed markets, according to traders.

Steady farmer hedges also put some downward pressure on canola, although a broker said the farmer selling was not very aggressive on Thursday as they still remain bullish overall.

A weaker tone in the Canadian dollar helped limit the weakness in canola, according to traders.

At 10:47 CST, about 10,200 canola contracts had changed hands with spreading a minor feature.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:47 CST: