By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 18, 2018 (CNS Canada) – ICE Futures
canola contracts were weaker at midday, as harvest pressure and
farmer selling continued to weigh on the market.
Chicago Board of Trade (CBOT) soybean, oil and meal
contracts were all down too, with soybean contracts falling more
than 15 cents.
According to one Winnipeg-based trader canola is holding up
fairly well today despite the drop in the soybean market.
“The product value is down C$6.50 a tonne right now and
canola’s only down C$3.50. So it is holding up well but there is
pressure building on it,” he said.
The trader said he wouldn’t be surprised though to see the
canola market “chop and drift” down C$5 to C$15, as long as the
CBOT oilseed markets stay relatively subdued.
He also said that support from the Canadian dollar, which
is weaker today, is starting to wane.
About 8,500 canola contracts had traded as of 10:22 CDT.
ICE canola down but still steady compared to U.S.
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