ICE canola lower at midday as rain boosts farmer selling

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, May 31, 2018 (CNS Canada) – ICE Futures
Canada canola contracts were down at midday Thursday, as grower
selling weighed on contracts.
Growers were starting to sell more as recent rains across
the Prairies boosted their confidence. According to one Winnipeg
based trader, there wasn’t a flood of selling but traders were
hearing of more interest from growers on pricing of old and new
crop.
The weaker Canadian dollar was also lending a little
support to canola contracts.
Softness in the Chicago Board of Trade soybean market was
putting some pressure on the canola market.
Canola is still sitting relatively high making it
vulnerable to some liquidation, according to the trader. He said
there’s been some speculative money in the canola market keeping
it supported but eventually that money will have to move out.
About 12,500 canola contracts had traded as of 10:27 CDT.

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