ICE canola lower to start off the week

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 5, 2018 (CNS Canada) – ICE Futures canola contracts were weaker in morning trade.
Chicago Board of Trade soybeans and meal contracts were down, while soyoil contracts were up.
Markets are still seeing some pressure from the United States Department of Agriculture’s (USDA) baseline projections released Friday. The projections predicted that U.S. farmers will reduce soybean acres but increase corn and wheat acres next year.
Friday’s market close and follow through selling overnight has shifted the technical bias in canola to the downside.
The Canadian dollar was stronger this morning, which was weighing on canola contracts.
About 1,400 canola contracts had traded as of 8:37 CST Monday morning.

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