ICE canola up but lagging soy

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Jan. 18, 2018 (CNS Canada) – ICE Futures canola contracts were stronger at midday Friday, finding support from the soy complex.
“We are getting a little strength from the U.S. side which is pulling canola up, but only reluctantly unfortunately,” said a Winnipeg-based trader.
The trader suspects this is due to softening demand for canola. The latest Canadian Grain Commission data out earlier in the day showed canola exports are at 4,628,100 tonnes, down from 5,057,000 tonnes at this time last year.
“There just isn’t a lot of interest in the canola perhaps and indeed the speculators may be spreading off the canola on the short side,” the trader said.
About 7,700 canola contracts had traded as of 10:22 CST.

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