By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 15 (CNS Canada) – ICE Futures canola contracts were posting small gains Monday morning, taking some direction from Chicago Board of Trade soybeans.
Ongoing concerns over harvest delays in parts of Western Canada, due to persistent cool and wet conditions, added to the firmer tone as the canola market managed to see a modest correction after trending lower last week.
However, improving forecasts should see the harvest pace pick up over the next week, which put some pressure on values.
Ideas that canola remains expensive compared to other oilseeds also tempered the upside.
About 4,600 canola contracts had traded as of 8:57 CDT.
