By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 17 (CNS Canada) – ICE Futures canola contracts were weaker in quiet trade Monday morning, as declines in Chicago Board of Trade soybeans weighed on values.
Seasonal harvest pressure added to the softer tone in canola, as farmer deliveries picked up, according to participants.
Bearish chart signals, strength in the Canadian dollar and ideas that canola remains expensive compared to other oilseeds also weighed on values.
However, poor harvest conditions in parts of Western Canada provided some underlying support.
Statistics Canada releases updated production estimates using satellite imagery on Wednesday, Sep. 19, and pre-report positioning was another feature.
About 1,500 canola contracts had traded as of 9:03 CDT.
