By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 18 (CNS Canada) – ICE Futures canola contracts were weaker Thursday morning, as losses in Chicago Board of Trade soybeans and improving Prairie weather weighed on values.
Warmer and drier weather across Western Canada should be allowing farmers to finally make some progress in Alberta and Saskatchewan, with deliveries into the commercial pipeline likely picking up.
Ideas that canola remains expensive compared to other oilseeds also remained a bearish influence in the background.
However, early weakness in the Canadian dollar provided some underlying support. Lingering concerns over the yields and quality of the later harvested fields also underpinned the futures.
About 4,200 canola contracts had traded as of 8:55 CDT.
