By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 30 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Monday, backing away from the two-month highs hit last week as speculative profit-taking came forward to weigh on values.
Losses in Chicago Board of Trade soyoil and a somewhat firmer tone in the Canadian dollar contributed to the selling pressure in canola, according to a broker.
However, canola lagged to the upside when crush margins were improving last week, and the Winnipeg market was also lagging to the downside.
Persistent harvest delays in parts of northern Alberta provided some underlying support, as winter sets in and some canola will likely end up being overwintered. However, the situation is not nearly as dire as last year, with a broker estimating the canola likely to go unharvested at “a few hundred thousand acres.”
About 15,500 canola contracts had traded as of 10:57 CDT.
