ICE canola weaker as American markets closed

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 22, 2018 (CNS Canada) – ICE Futures canola contracts are trading slightly weaker Thursday morning.
The Chicago Board of Trade soybean market is closed today for American Thanksgiving. Not much is expected to sway the canola market today due to the American markets being closed.
Palm oil and European rapeseed were stronger this morning.
There are forecasts for heavy rains in parts of the Brazilian soy area which could add a weather premium to oilseed markets. However, overall the weather is generally looking good for South American soy production and it is expected there will be record crops from the continent.
The Canadian dollar is stronger, which is pressuring canola markets.
About 1,900 canola contracts had traded as of 8:40 CST Thursday morning.

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