By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 13 (MarketsFarm) – The ICE Futures canola market was higher at midday Friday, buoyed by delays in harvest activity and a positive trade sentiment for global trade relations.
“Weather in western Canada is slowing harvest down,” remarked one Winnipeg-based trader, as a delayed harvest may be injecting a weather premium into prices.
“We’ve got to get the wheels turning, but it has to stop raining first.”
While little progress has been made regarding trade relations between Canada and China, the chilly relationship between China and the United States appears to be thawing. Rumours of an impending trade deal are propping up the soy complex on the Chicago Board of Trade, with canola values following suit.
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Yesterday, a purchase of over 600,000 tonnes of soybeans was made by a Chinese importer, the largest in over a year. Additionally, 204,000 tonnes of soybeans were purchased by China on Friday morning.
A comparatively weaker Canadian dollar also provided support to canola values. Previously around 76 cents earlier this week, the dollar has settle back down around 75.4 U.S. cents.
About 25,000 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 452.00 up 4.90
Jan 459.90 up 5.10
Mar 467.90 up 5.50
May 473.60 up 5.10
