By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 1, 2018 (CNS Canada) – ICE Futures
canola contracts were stronger at midday Thursday, after a tweet
from United States President Donald Trump earlier in the morning
sent commodity markets flying.
Trump tweeted that he had a “very long and good
conversation” with Chinese President Xi Jinping, with a “heavy
emphasis” on trade. The Chicago Board of Trade soybean market
rocketed higher and canola followed along despite there being a
stronger Canadian dollar.
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“The comments from Trump are largely, just election
propaganda at this stage but the market reacted sharply. And
bean oil is even up a little bit and that’s pulled the canola
up,” he said.
The tweet mentioned that Trump and Xi Jinping will have
their already scheduled meeting at the G20 summit later this
month in Argentina. If there are additional details though that
come out from Trump’s talk with China this morning, the trader
said this could affect the market more.
However, if nothing more comes out we could see the
commodity markets go back down, he said.
About 12,300 canola contracts had traded as of 10:27 CDT.
