By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 2 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed at midday Friday, with gain for the November and December contracts, and a being steady to lower tone in the more deferred months.
“The markets are pretty edgy and nervous. We’ve had some big action in the last few days,” a Winnipeg-based trader commented.
The latest being the news that United States President Donald trump and First Lady Melania Trump have COVID-19.
In addition, the trader said there could be bullish news on Oct. 9, when the United States Department of Agriculture issues its next monthly supply and demand report. He suggested that if yields of U.S. soybeans are down and exports are up, “we don’t have that big supply cushion going into the South American growing season.”
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The trader also noted there is uncertainty regarding canola yields on the Prairies. Some reports have suggested yields are good, but the markets won’t know until Statistics Canada comes out with its next report in December.
“The supply is ‘semi-comfy’ for now,” he said.
The Canadian dollar was slightly lower at 75.12 U.S. cents, compared to Thursday’s close of 75.23.
Approximately 15,100 canola contracts were traded as of 11:02 CDT.
Prices in Canadian dollars per metric tonne at 11:02 CDT:
Price Change
Canola Nov 518.70 up 1.40
Jan 525.00 up 0.30
Mar 532.30 dn 0.30
May 534.60 dn 0.50
