By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 1 (CNS Canada) – ICE Futures canola contracts were weaker Monday morning, as strength in the Canadian dollar weighed on the market.
The currency was up sharply relative to its United States counterpart following news overnight that Canada, the U.S. and Mexico had reached a new trade deal.
Forecasts calling for improving harvest weather in parts of Western Canada over the next week were also bearish, although cool and wet weather continues to cause delays in many areas.
Chicago Board of Trade soybean futures were higher in early activity, but soyoil was posting small losses.
About 4,000 canola contracts had traded as of 8:46 CDT.
