ICE Canola Weaker In Choppy Trade

Losses in the CBOT soy complex accounted for some of the spillover selling pressure in the canola market, according to a trader. He said warmer weather conditions across western Canada were also behind some of the weakness in canola, as an increase in farmer deliveries brought more grain company hedge selling to the market.

A lack of any fresh export business also weighed on canola, according to the broker.

However, he said scale-down Japanese pricing of routine business was supportive.

The Canadian dollar was trading near unchanged at midday, after strengthening earlier in the day, providing little direction for canola, according to the broker.

At 10:55 CST, about 6,900 canola contracts had changed hands. The January/March spread accounted for over 2,000 of the contracts traded, with commodity funds on the buy side of the spread trade, and domestic crushers the main sellers.

Western barley futures were mixed at midsession, with 47 contracts traded.

Prices in Canadian dollars per metric ton at 10:55 CST: