By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 16 (CNS Canada) – ICE Futures canola contracts were posting solid gains at midday Thursday, as ideas that China and the United States may be moving towards resolving their trade dispute gave the North American grains and oilseeds a boost.
China is reportedly sending a delegation to the U.S. later this month to negotiate solutions to the trade war. That news sent soybeans climbing higher at the Chicago Board of Trade, which pulled canola up as well.
Ongoing concerns over heat and dryness in many canola growing areas of Western Canada were also supportive, although harvest operations will soon be picking up and many anecdotal reports still point to average yields overall.
The Canadian dollar was steady at midday, providing little direction.
About 6,400 canola contracts traded as of 10:53 CDT.
