ICE canola down again at midday

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Sep. 19, 2018 (CNS Canada) – ICE Futures
canola contracts were down again at midday Wednesday, as large
production values weighed on markets.
One analyst pointed out the November contract hit seasonal
lows Tuesday, dipping below $485 per tonne, and that he can’t
see it going up again until after harvest.
“The demand isn’t here because the buyers know that the
farmer is undersold and they have to sell it,” he added.
Statistics Canada released its updated production numbers
this morning, using satellite data. The report pegged canola at
21.0 million tonnes, which is sharply higher than the previous
estimate of 19.2 million.
Chicago Board of Trade soybean and meal contracts were
higher, while soyoil contracts were weaker.
About 6,800 canola contracts had traded as of 10:22 CDT.

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