ICE canola confused on Friday

By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – The ICE Futures canola market was mixed on Friday morning, remaining range-bound.
Canola prices were muted due to the elusive trade deal with China. Continued protests in Hong Kong have the potential to disrupt or hinder the country’s economy, which could have far-reaching global implications.
Soybeans on the Chicago Board of Trade were also lower, adding pressure to canola values. China has received only approximately half of the U.S. soybeans they originally purchased earlier in the year. About 10 million tonnes have been shipped and accepted by China, of the 20 million tonnes purchased.
Lingering concerns of frost across the Canadian Prairies have kept a weather premium in the market, providing a floor for prices.
The Canadian dollar remained around 75 cents compared to its U.S. counterpart, further hampering canola values.
About 2,100 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 453.40 up 0.30
Jan 461.00 dn 0.10
Mar 468.10 unch
May 473.30 up 1.50

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