ICE canola down as trade pushes dollar higher

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 1, 2018 (CNS Canada) – ICE Futures
canola contracts were weaker at midday Monday, as a stronger
Canadian dollar continued to weigh on the market.
Chicago Board of Trade soybean contracts were sharply
higher over trade optimism after a new North American Free Trade
Agreement (NAFTA) deal was reached and harvest delays in the
U.S. However not all of that good fortune was spilling over into
the canola market, which was weaker due to a stronger Canadian
dollar following the NAFTA news.
Wet and cold conditions in parts of Alberta and
Saskatchewan was providing support for the canola market and
limiting losses.
“So maybe not enough to drive us into positive territory
just yet but certainly we’re way off our lows and as the dollar
kind of settles down the U.S. market continues to tick higher
here,” said a Winnipeg-based canola trader.
About 11,700 canola contracts had traded as of 10:40 CDT.

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