WINNIPEG, Manitoba--Gains in the Intercontinental Exchange canola futures softened on Thursday from stronger increases earlier in the session.
The prospect of ongoing wet conditions, good domestic and foreign demand and reduced acres at harvest time, provided support to canola.
A trader said it's very likely that harvested acres this fall will be less than 98 per cent of planted acres.
On Tuesday, Statistics Canada pegged canola plantings at a record 23.44 million acres.
The trader said canola is very like to remain rangebound for the time being, unless there is a dramatic shift in the Prairie weather. The latter, he added, will go a long way in determining canola yields.
