By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 6 (MarketsFarm) – The ICE Futures canola market was stronger on Wednesday morning, with short covering a feature in active trading.
One Winnipeg-based trader said China resuming its importing of Canadian meat sparked some optimism regarding a canola deal between the two countries. However, it doesn’t appear that the goodwill will be extended to canola imports. Alberta’s Agriculture Minister Devin Dreeshen said “the canola issue is still outstanding, so it’s not a ‘mission accomplished’ moment.”
Soyoil on the Chicago Board of Trade was stronger, providing support to canola prices. Markets are expecting the United States Department of Agriculture (USDA) World Agriculture Supply Demand Estimates (WASDE) to reduce the country’s soybean production, which would lend an upside to the soy complex.
Manitoba’s crops are 89 per cent harvested, with 91 per cent of the province’s canola in the bin.
About 14,000 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Jan 464.00 up 2.00
Mar 473.30 up 1.90
May 481.50 up 1.30
Jul 488.60 up 1.10
END
