By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 6 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, despite losses on the Chicago Board of Trade.
The Chicago markets have been trying to recover from large losses on Monday, caused by China’s devaluation of its yuan. The move was to undermine the United States dollar, as the trade war between the two countries heats up again.
“Spreaders are buying canola and selling oil,” said a Winnipeg-based trader about canola prices being up.
“I don’t think there’s anything big going on. Volumes are quite light,” he added.
To help the crops finish off, he said rain on the Prairies is needed, although there isn’t much precipitation in the forecast.
Approximately 6,200 canola contracts were traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Price Change
Canola Nov 447.00 up 2.20
Jan 455.10 up 2.00
Mar 462.20 up 1.90
May 468.40 up 1.80
