ICE canola up with good G20 news

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Dec. 3, 2018 (CNS Canada) – ICE Futures canola contracts are mostly stronger in morning trade, following the lead of the soy complex.
Chicago Board of Trade soybean and oil contracts are all up, following positive news from the G20 summit in Argentina over the weekend. United States President Donald Trump and Chinese President Xi Jinping agreed to hold off on raising tariffs for 90 days in order to negotiate, China also agreed to start buying U.S. agricultural products again.
While soybean contracts did jump higher at market open Sunday night, they teetered out a bit after but are still stronger. The market is still being weighed down by thoughts there will be record soy production from South America this season.
A stronger Canadian dollar is keeping a lid on the canola market.
About 7,900 canola contracts had traded as of 8:55 CST Monday morning.

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