By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were on the rise late Tuesday morning, pushed higher by Chicago soybeans, a trader said.
Soybeans continued to ride the hype over the forthcoming meeting between United States President Donald Trump and Chinese President Xi Jinping at this week’s APEC conference in South Korea. Trump said on social media that the framework for a trade deal has been agreed to by both countries. However, China has yet to confirm any of the details.
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ICE canola turns lower Wednesday morning
Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, taking back some of Tuesday’s gains as speculative profit-taking weighed…
The trader added canola was getting support from its technicals, as prices climb higher. The January contract rose further above its 20-day moving average and was now virtually on par with its 50-day average, but still well back of its other technical levels.
Canola was also underpinned by reports that Canada could remove its 100 per cent tariffs on imports of Chinese made electric vehicles. A Chinese official previously said the country would eliminate its canola surcharges should Canada make such a move. Xi is also expected speak with Canadian Prime Minister Mark Carney at the APEC conference.
The Canadian dollar was stronger by mid-session Tuesday, with the loonie at 71.69 U.S. cents, compared to Monday’s close of 71.45.
Approximately 27,700 canola contracts were traded as of 10:38 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 625.10 up 5.90
Jan 639.10 up 5.10
Mar 650.90 up 5.00
May 661.80 up 5.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
