ICE canola market jittery ahead of G20 meeting

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MAN, Nov. 30, 2018 (CNS Canada) – ICE Futures canola contracts are mostly weaker at midday Friday, with trading expected to be choppy for the rest of the day.
Oilseed traders are reluctant to do much ahead of this weekend’s meeting between United States President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. One Winnipeg-based trader said everyone expects for large volatility in the market when it opens Sunday night.
“It could go either way. I guess the bias is leaning a little bit to the upside but it’s just not clear what might happen,” he said.
He expects the canola market to remain choppy the rest of the next week ahead of Statistics Canada’s Production of Principal Field Crops report to be released Thursday.
About 7,600 canola contracts had traded as of 10:13 CST.

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