By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 9 (CNS Canada) – ICE Futures canola contracts were posting small losses at midday Tuesday in thin and choppy activity.
Losses in Chicago Board of Trade soybeans and soyoil put some spillover pressure on canola, according to participants. However, the soy complex was firmer on Monday, when the canola market was closed for Canadian Thanksgiving.
Ongoing uncertainty over harvest conditions across Western Canada kept some caution in the market, as cool and wet conditions caused delays in Alberta and Saskatchewan.
The November contract was holding above the C$500 per tonne level at midday, which was supportive from a chart standpoint.
About 10,800 canola contracts traded as of 10:52 CDT.
