By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Jan. 10, 2019 (CNS Canada) – ICE Futures canola contracts were weaker Thursday morning, following the lead of the soy complex.
Chicago Board of Trade soybean, oil and meal contracts were all lower. Traders are waiting for concrete proof of Chinese purchases. China released its statement following the trade talks with the United States and said the two sides have “established a foundation” on key issues.
Brazil’s crop estimating agency Conab released updated soybean production numbers today. The country is estimating its crop to be at 118.80 million tonnes, down from 120.06 million tonnes last month. The downgrade is due to hot and dry weather in the country’s main growing regions.
The Canadian dollar is weaker today, following its rally over the last week.
About 2,200 canola contracts had traded as of 8:52 CST Thursday morning.
Futures Prices as of January 10, 2019
Prices are in Canadian dollars per metric ton