By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 5 (CNS Canada) – ICE Futures canola contracts were weaker Friday morning, as losses in Chicago Board of Trade soyoil weighed on values.
Chart-based selling contributed to the declines, as Thursday’s activity was bearish from a technical standpoint, according to traders.
However, cool and wet conditions across much of Western Canada continued to cause harvest delays, with concerns over yield and quality losses underpinning the futures.
The canola market will be closed Monday for Canadian Thanksgiving, while U.S. markets will trade normally. Positioning ahead of the long weekend accounted for some of the activity.
About 4,000 canola contracts had traded as of 8:59 CDT.
