By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 24 (CNS Canada) – ICE Futures canola contracts were weaker at midday Wednesday, hitting their lowest levels in a month as a number of bearish influences weighed on values.
“Everything is working against canola,” said a Winnipeg-based broker.
Improved harvest weather in Alberta and Saskatchewan should be allowing farmers to make good progress this week, with forecasts for the weekend also showing less rain then they had earlier in the week.
Strength in the Canadian dollar and weakness in the Chicago Board of Trade soy complex also weighed on canola.
However, prices were nearing chart support, which helped temper the declines. Scale-down end-user demand was also coming forward.
About 13,000 canola contracts traded as of 10:43 CDT.
