ICE canola weaker as China interest slows

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Jan. 15, 2018 (CNS Canada) – ICE Futures canola contracts were continuing on their downward slide at midday Tuesday.
Growing concern over waning interest in North American oilseeds were weighing on contracts. One Winnipeg-based trader said the market is now thinking China is done making United States soybean purchases.
“The longer this goes on, the closer the South American harvest becomes and it’s probable that they’re going to buy as much as they can out of South America. It will be cheaper,” he said.
He also suspects the waning export interest in canola is due to the strained relations between Canada and China over the Huawei chief financial officer arrest and China having sentenced a Canadian to death over drug smuggling charges.
Chicago Board of Trade soybean, oil and meal contracts were all weaker too at midday.

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