ICE canola market drops with soy complex

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 26, 2018 (CNS Canada) – ICE Futures canola contracts were weaker at midday Monday, following the lead of United States soyoil futures.
Chicago Board of Trade soybean, meal and oil contracts were all weaker. Soybean contracts are down significantly with the January contract falling 19 U.S. cents.
“The funds continue to add to their short positions we believe and obviously the bias is to downside here as the soybean complex all slipped as well, so that’s not helping us,” said a Winnipeg-based trade.
The Canadian dollar has turned weaker this morning which could potentially add support to the canola market.
Overall, everyone will be waiting for what happens at the G20 meetings in Argentina at the end of the week, the trader said. U.S. President Donald Trump and Chinese President Xi Jinping are to meet to discuss trade.
About 6,900 canola contracts had traded as of 10:29 CST.

---

Newsletter Sign Up - Stories about strategic business thinking and farming success

You'll receive profiles, case studies and strategy from modern farming in Canada, delivered to your inbox 6 days a week!

Your Email(Required)

Your Postal Code(Required)

Consent

I consent to receiving emails from Glacier FarmMedia, its affiliates and divisions and third parties, containing agriculture news, updates and promotions. I can unsubscribe at any time

Email

This field is for validation purposes and should be left unchanged.