ICE canola up with suspected canola downgrades

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Oct. 19, 2018 (CNS Canada) – ICE Futures
canola contracts were stronger at midday, as the realities of
the delayed harvest hit the market.
While the improving across Western Canada weighed on the
market, one Winnipeg-based trader said that traders are starting
to come to grips with what a delayed harvest means for the crop.
“I think it’s starting to become a reality or accepted fact
that perhaps the crop is going to be probably significantly less
than what was originally estimated,” he said.
He added that grain companies are getting desperate to buy
canola and are trucking what they buy around the Prairies just
to keep their crushing plants going.
Chicago Board of Trade soybean and meal contracts were
weaker, while soyoil contracts were stronger.
About 12,500 canola contracts had traded as of 10:31 CDT.

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