By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 5, 2018 (CNS Canada) – ICE Futures
canola contracts were weaker at midday, as traders positioned
themselves ahead of the long weekend.
“I wasn’t too surprised to see canola leak a little early
here. Maybe some long liquidation, maybe some extra hedges to
make sure that nobody’s carrying stocks,” said a Winnipeg-based
trader.
Slow harvest progress is keeping a lid on losses and
traders await the latest crop report from Alberta Agriculture to
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Glacier FarmMedia — The ICE Futures canola market was weaker on Friday, taking back Thursday’s gains as losses in Chicago…
expecting there to be much harvest progress reported in it.
Funds are still short too, according to the trader. And he
isn’t sure what the exact numbers will be in this afternoon’s
Commitment of Traders report from the United States Commodity
Futures Trading Commission.
“Right now we’re back above the 50-day moving average but
this morning in early trade we were bunched underneath it,” he
said.
Chicago Board of Trade soybean and oil contracts were
weaker, while soymeal contracts were stronger.
About 8,800 canola contracts had traded as of 10:30 CDT.
