By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 2 (CNS Canada) – ICE Futures canola contracts were stronger Tuesday morning, seeing a modest recovery following Monday’s losses.
A sharp rise in the Canadian dollar relative to its United States counterpart accounted for much of the selling pressure in canola on Monday. The currency was holding steady Tuesday morning.
Ongoing concerns over cool and wet weather causing harvest delays across Western Canada provided underlying support for canola.
However, canola remains expensive compared to other oilseeds. In addition, supplies are still expected to be large, despite the delayed harvest.
About 5,000 canola contracts had traded as of 8:55 CDT.
