By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 16 (CNS Canada) – ICE Futures canola contracts were weaker Tuesday morning, seeing a modest correction after Monday’s gains.
Losses in Chicago Board of Trade soybeans put some spillover pressure on canola. Early strength in the Canadian dollar also weighed on values.
Improving harvest weather across the Prairies should allow farmers in Alberta and Saskatchewan to make some progress over the next week, taking some of the weather premiums out of the market.
However, there are still areas of concern, while the yields and quality of the late-harvested canola remains to be seen.
Chart-based selling contributed to the declines, as Thursday’s activity was bearish from a technical standpoint, according to traders.
About 6,000 canola contracts had traded as of 8:56 CDT.
