Winnipeg Commodity Exchange canola futures were pressured by weaker US futures on Thursday, but found some late strength under the market from routine exporter buying, traders said. Canola ended $2.10 to $4.60 per tonne lower, with July down $3.20 at $374.70 and November down $2.80 at $396.40.
"We're into weather markets, obviously, and it's all in the US," a trader said. At the Chicago Board of Trade, better crop weather pushed July soybeans down 20-1/2 US cents per bushel to US $8.18-1/2 and July soybean oil futures were down 0.27 US cent per lb at 35.04 US cents.
The weaker Canadian dollar was somewhat supportive for canola, along with a lack of farmer selling, traders said. Funds were seen as light to moderate sellers. An estimated 1,934 July/November spreads traded from $21.30 to $21.90 with 324 November/January from $8.70 to $9.10.
Canola volume was an estimated 9,513 contracts, down from a total of 15,781 on Wednesday. In canola options, 250 November $430 calls traded at $9. Barley futures were also lower in sympathy with US corn futures and amid profit taking and faltering demand, traders said.
October barley was down $2.20 at $168.60 and December was down $1.70 at $172.30. "Consistent hedges and a pullback in demand have left prices in no-man's land right now," a trader said.
Another trader said the "dark cloud of lawsuits" hanging over government plans to end the Canadian Wheat Board's barley monopoly also continued to pressure the market. Barley volume was an estimated 125 contracts, down from 348 on Wednesday. October feed wheat was up $1.50 per tonne at $171 and December up $1.50 at $173, with 25 October/December spread trading at 10 cents. Wheat volume was estimated at 62 contracts, down from 524 on Wednesday.
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