By Glen Hallick, MarketsFarm
WINNIPEG, June 28 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were mostly steady Friday morning, in small volumes of activity.
With the G20 Summit underway in Japan this morning, Canada’s Foreign Affairs Minister Chrystia Freeland commented Canadian officials have been working behind the scenes with Chinese officials on issues between the two countries.
Also, it’s expected that United States President Donald Trump will raise Canada’s concerns when he meets with Chinese President Xi Jinping. The two presidents have been scheduled to meet Saturday to discuss the U.S./China trade war.
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Although rain over the Prairies gave a much needed boost to crops, a weather premium still remains for canola. However if there is sufficient rainfall in the near future, that premium could end.
Drier weather in the U.S. Midwest has improved field conditions, and that could put pressure on market prices.
The Canadian dollar has remained well above 76 U.S. cents this morning at 76.41.
ICE Futures will be closed Monday, July 1 for Canada Day.
About 1,400 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Jul 439.80 dn 2.30
Nov 452.10 up 0.10
Jan 459.70 up 0.30
Mar 466.40 up 0.30
