ICE canola down as soy up

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 31, 2018 (CNS Canada) – ICE Futures
canola contracts were weaker at midday Wednesday, despite an
upswing for the soybean market.
Chicago Board of Trade soybean and meal contracts were all
stronger at midday, having started the day lower. Soyoil
contracts were weaker.
The canola market has been weighted down lately by the
ongoing China/United States trade war and South American soybean
planting, according to a Winnipeg-based trader.
“Brazil in particular got off to a great start seeding, is
ahead of average…they’re getting the rains that are going to
start the crop off in great shape,” he said. Soybean seeding is
estimated to be 46 per cent planted in Brazil, which is way
ahead of the average 28 per cent.
He said that it’s mostly on the negative side news-wise for
the canola market currently.
About 8,500 canola contracts had traded as of 10:48 CDT.

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