ICE Canola Weaker On Lack Of Demand

"The buyers have left for the day," said a Winnipeg-based trader. He said that while there was a strong export program on the books, there was not a lot of new business coming forward in the futures markets.

That lack of fresh demand, tied with ongoing farmer selling, weighed on canola, according to the trader.

Technical based selling was also a feature, as the November canola contract failed to hold above the key C$400 per metric ton level, said the trader.

Poor crush margins were another bearish price influence, limiting the domestic crusher demand, according to the trader.

CBOT soybeans and soyoil were also lower on the day, although the losses were more subdued compared to canola.

The Canadian dollar was slightly weaker at midsession, providing some support for canola, although the currency was well off its lows for the day.

Ongoing harvest delays to the last of the canola crop in western Canada also underpinned the market.

At 11:00 CDT, about 8,000 canola contracts had changed hands, with the Nov/Jan spread only a minor feature on the day.

Western barley futures were weaker at midsession with 86 contracts traded by 11:00 CDT.

Prices in Canadian dollars per metric ton at 11:00 CDT: