ICE canola bounces back in morning trade

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Published: November 20, 2018

ICE Futures canola contracts are stronger in morning trade, as some are thinking the recent selloff in canola has been overdone and the market is due for a bounce.
Chicago Board of Trade soybean contracts are mostly stronger, soyoil contracts weaker and meal contracts are stronger. Canola is seeing some spillover support from the dominant soybean contracts, which are stronger.
There is still some concern about the China/United States trade war as there has been no news since the weekend at the the Asia-Pacific Economic Cooperation trade summit where U.S. Vice President Mike Pence made comments against China.
The Canadian dollar is weaker, which is supportive for the canola market.
About 3,200 canola contracts had traded as of 8:51 CST Tuesday morning.

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