ICE Canola Weaker On Strong C$, Profit-Taking

Speculative profit-taking before the end of the year was behind some of the selling pressure in canola, according to a broker. He said a few farmers were also still looking to move some canola before the year end, and that hedge pressure was likely finding its way into the futures market.

However, activity was described as subdued overall, with volumes tapering off before Christmas, according to the broker.

Scale down end user demand limited the losses in canola. The broker noted that there was a solid west coast export lineup for canola. He said domestic crushers were most likely on the buy side as well.

At 10:52 CST, about 6,000 canola contracts had changed hands. The January/March spread remained a feature, as participants continue to roll their positions out of the nearby month.

Western barley futures were steady to higher at midsession with 38 contracts traded. Spreading between the January and March contracts was the feature in the market.

Prices in Canadian dollars per metric ton at 10:52 CST: