By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 22 (CNS Canada) – ICE Futures canola contracts were weaker at midday Monday, although activity was thin and choppy as investors were busy rolling their positions out of the nearby November contract before it expires.
Good harvest weather across Western Canada over the weekend weighed on prices, although a broker added that “we’re not being inundated with hedges.” He said farmers were likely still busy with field work, and not yet making heavy deliveries.
Good underlying demand from the export sector and a firmer tone in Chicago Board of Trade soybeans also helped underpin canola, according to participants.
About 10,700 canola contracts traded as of 10:52 CDT, with the November/January spread a feature.
