By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 19 (CNS Canada) – ICE Futures canola contracts were stronger Friday morning, seeing a modest correction amid ideas Thursday’s losses were overdone.
Early weakness in the Canadian dollar and a firmer tone in Chicago Board of Trade soyoil futures were also supportive.
While improving weather conditions should be allowing farmers to make progress in Alberta and Saskatchewan, concerns over the yields and quality of the late-harvested crops provided some support.
Losses in CBOT soybeans, expectations for increased farmer deliveries, and ideas that canola remains expensive compared to other oilseeds all tempered the upside.
About 6,200 canola contracts had traded as of 8:58 CDT.
