ICE canola up at midday following Tuesday’s losses

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 17, 2018 (CNS Canada) – ICE Futures
canola contracts were stronger at midday, finding spillover
support from the Chicago Board of Trade soybean market.
Canola contracts have bounced around in recent days as
weather has improved across the Prairies, leading to optimism
some harvest progress may be made soon. Farmers have also been
selling more, which has weighed on the market.
“It’s going to bounce around, migrate lower, net lower on
the way down until the crop is off and the farmer has sold
enough grain where he’s going to be cash sufficient until the
New Year,” said one analyst.
While the market is recovering some today it is not seeing
a full recovery from Tuesday’s losses.
The Canadian dollar is weaker today following two days of
grains which is supportive for canola.
About 17,500 canola contracts had traded as of 10:11 CDT.

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