ICE canola up with soyoil

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 3, 2018 (CNS Canada) – ICE Futures
canola contracts were mostly stronger at midday, taking support
from soyoil.
Chicago Board of Trade soybean and meal contracts were
weaker, while soyoil contracts were on the rise.
One Winnipeg-based trader said the gains the canola market
is experiencing is mostly due to soyoil and not the current
snowy and wet weather Western Canada is being plagued with.
“(Canola’s) going up because bean oil’s going up and it’s
lagging the bean oil gains by quite a bit,” he said.
He said canola isn’t able to take off as much as soyoil due
to it still being expensive compared to soybeans.
About 13,600 canola contracts had traded as of 10:13 CDT.

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