By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 17 (CNS Canada) – ICE Futures canola contracts were stronger Wednesday morning, seeing a corrective bounce after Tuesday’s sharp declines.
Gains in Chicago Board of Trade soybeans, early weakness in the Canadian dollar, and persistent concerns over the damage caused by adverse Prairie harvest conditions also provided support, according to participants.
However, Western Canadian weather conditions are improving, and farmers are expected to make good progress over the next week. Hedge pressure kept a lid on the upside as a result.
Ideas that canola remains expensive compared to other oilseeds also weighed on values.
About 10,000 canola contracts had traded as of 9:00 CDT.
