ICE canola futures: Bids up on U.S./China trade news

By Glen Hallick, MarketsFarm

WINNIPEG, Dec. 4 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Wednesday morning, getting support from the Chicago soy complex.

The day after United States President Donald Trump stated a trade deal with China might not be reached until after the 2020 presidential election, Bloomberg reported today that the two countries are apparently close to signing their Phase One deal. Expectations are for Phase One to be signed before Dec. 15, when additional U.S. tariffs kick in.

Statistics Canada comes out with its next production report on Friday. Market expectations are for 2019/20 canola production to be between 19.6 million to 20.0 million tonnes. That would be an increase from the federal agency’s September estimate of almost 19.4 million tonnes.

Earlier this week Canadian Pacific Railway issued a statement that said it moved 2.74 million tonnes grain and grain products in November. The railway said that was a new monthly record, which exceeded October’s record shipments by 80,000 tonnes.

The Canadian dollar was stronger this morning at 75.36 U.S. cents after closing Tuesday at 75.18.

About 5,500 canola contracts had traded as of 8:42 CST.

Prices in Canadian dollars per metric ton at 8:42 CST:

Price Change
Canola Jan 454.70 up 1.80
Mar 464.00 up 2.00
May 471.60 up 1.60
Jul 478.40 up 2.20

Futures Prices as of December 4, 2019

Price Change
Milling Wheat
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New Barley
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Prices are in Canadian dollars per metric ton

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