ICE canola on the rise with soymeal

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Dec. 28, 2018 (CNS Canada) – ICE Futures canola contracts are up sharply at midday Friday, following the lead of soymeal futures.
Chicago Board of Trade soybean, oil and meal contracts are all sharply higher. Oilseed markets are volatile though due to the ongoing uncertainty in equity markets from the United States government shutdown.
The government shutdown also means that there will be no weekly export sales data released today from the U.S. Department of Agriculture, which has been supportive for soy futures.
“Maybe there’s some export business that we can’t see but maybe that’s taking place and is giving the market a lift and canola’s just kind of coming along for the ride here,” said a Winnipeg-based trader.
The Canadian dollar is also weaker, which is supportive for the canola market.
About 7,500 canola contracts had traded as of 10:20 CST.

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