By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 17 (CNS Canada) – ICE Futures canola contracts were posting small losses at midday Friday, seeing a modest correction after Thursday’s rally.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the selling pressure in canola, according to participants.
The looming harvest and ideas that canola is looking expensive compared to other oilseeds also kept some pressure on values.
Ongoing concerns over heat and dryness in many canola growing areas of Western Canada during the growing season remained supportive, although harvest operations will soon be picking up and many anecdotal reports still point to average yields overall.
About 6,300 canola contracts traded as of 10:38 CDT.
