ICE canola down following Monday’s gains

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 16, 2018 (CNS Canada) – ICE Futures
canola contracts were weaker at midday Tuesday, taking back
Monday’s gains.
“Harvest weather looks to be improving. Combines are
starting to roll again or started rolling yesterday I guess in
parts of Alberta. In parts of Saskatchewan there have been some
dry pockets,” said one Winnipeg-based trader.
He added that the front month November contract is seeing
pressure from producers who are now delivering deferred sales to
elevators.
“Funds are kind of a non-player now. They’ve got a pretty
small position in the last Commitment of Traders report I would
think that position’s even a little bit smaller today and I
don’t think they’re a real driver here,” he said.
Chicago Board of Trade soybean contracts were also down,
following Monday’s strong rally. Soyoil and meal contracts were
lower.
The Canadian dollar was stronger which was pressuring the
canola market.
About 15,000 canola contracts had traded as of 10:46 CDT.

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