ICE canola up in morning trade

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Dec. 4, 2018 (CNS Canada) – ICE Futures canola contracts are stronger this morning, despite having traded lower overnight.
Chicago Board of Trade soybean, meal and oil contracts are all stronger also. There is uncertainty about soybean exports as China has not yet confirmed that it will buy United States soybeans as U.S. President Donald Trump has said it will.
There are also concerns that the truce between China and the U.S. could reduce demand for Canadian canola.
Trading could be choppy the next few days for the canola market ahead of Thursday’s Production of Principal Field Crops report from Statistics Canada. The report will give the final production numbers for the year.
The Canadian dollar is slightly weaker, which is supportive for canola contracts.
About 3,200 canola contracts had traded as of 8:46 CST Tuesday morning.

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