ICE canola market jumping around in trade

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 2, 2018 (CNS Canada) – ICE Futures canola contracts were down at midday Friday, after jumping around in trade all morning.
Chicago Board of Trade soybean contracts were mostly higher, while soyoil contracts were mixed and meal contracts were lower. Soybean contracts were seeing a slight correction following Thursday’s strong rally after United States President Donald Trump tweeted that he had talked with China about trade.
According to a Winnipeg based trader, the soybean market is all emotion right now and is taking canola along for the ride.
“The price of soybeans relative to its value is way too high, so you’re going to see a correction here I guess at some point when the election is over,” he said.
Next week is the U.S. midterm elections and Trump is trying to drum up votes for the Republicans beforehand, which many are speculating is why he is tweeting about China.
About 14,300 canola contracts had traded as of 10:45 CDT.

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