WCE canola lower on local selling

Winnipeg Commodity Exchange canola futures settled lower in light volumes on Thursday, pressured by local selling in sympathy with weaker US soy futures and by hedges, traders said.
"Farmer selling has definitely picked up over the past couple of sessions," a canola trader said.
Canola ended 90 cents to $5.40 per tonne lower, with November down $4.70 at $340.60 and January down $4.50 at $345.50.
Scale-down exporter buying trimmed losses, but buyers were not aggressive.
"We've gone back to where the sellers have to find the buyers again," a trader said.
Commercial buy orders were seen early in the session at $344.00 and $344.50, basis November, traders said. Benson Quinn-GMS and RBC-DS were featured buyers.
The market then turned lower on local selling and hedges, traders said. RBC-DS and Benson Quinn-GMS were also seen as key sellers in the pit.
Late in trade, the market broke through support at $341.00 per tonne, basis November, but commercial buying at $340.00 limited losses, traders said.
Volumes were seen as light for the fourth consecutive session. Annual consultations with Japanese oilseed buyers had sidelined some commercial players, traders said.
The November/March spread traded lightly at $10.00 and $10.10.
Total canola volumes were estimated at 2,210 contracts, up from 2,074 on Wednesday.
Barley futures set fresh contract lows on commercial and local selling in step with weakness in Chicago Board of Trade corn futures, traders said.
October barley ended $2.60 per tonne lower at $127.40, with December down $2.20 at $130.60. The October/December spread traded at $3.00 and $3.20.
Feedlot buying stepped away from the pit, traders said. In recent sessions, end-user pricing had supported values between $129.00 and $130.00 per tonne, basis October.
Support is now seen at $120.00 per tonne, basis October, traders said.
Feed wheat futures were also lower on continued liquidation. On Wednesday, open interest in the contract fell to 2,202 positions.
October wheat ended $2.20 per tonne lower at $128.80 with December down $3.00 at $130.50.