ICE canola up with beans at midday

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Jan. 2, 2018 (CNS Canada) – ICE Futures canola contracts were stronger at midday Wednesday, as oilseeds markets continued to rally waiting for the United States government shutdown to end.
Chicago Board of Trade soybean, oil and meal contracts were all up also. According to a canola analyst, the soybean market has been rallying as of late during the day only to lose ground near the end of the session.
“As long as beans rally, everything else is going to rally with it including canola,” he said.
Participants in the market suspect China has been buying U.S. soybeans. However, due to the government shutdown there has been no confirmation that this has in fact been happening. According to the analyst, there won’t be any significant movement in oilseeds markets until the shutdown ends.
About 2,600 canola contracts had traded as of 10:11 CST.

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