By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 22 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading higher Tuesday morning, getting spillover from the Chicago soy complex.
There has been strong speculation that China will purchase 10 million tonnes of United States soybeans tariff-free. Also, there have been indications China may purchase large quantities of corn and wheat from the U.S. at some point.
Rain has been forecast for Manitoba and parts of Alberta today. Over the next few days Alberta and Saskatchewan can see more precipitation. Temperatures across the Prairies are expected to remain in the single digits until the weekend, when daytime highs could reach the low teens.
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The advancing harvest, albeit slowly, has been weighing on values along with increased farmer selling.
Last night’s federal election results have not affected prices to any noticeable extent. That’s likely due to agriculture not being a major election topic. The Liberals returned to power with a minority.
About 8,300 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola Nov 454.20 up 2.80
Jan 462.50 up 2.50
Mar 471.40 up 2.40
May 478.10 up 1.40
