By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 5 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Thursday morning, gleaning support from the Chicago soy complex.
There is optimism from United States/China trade talks, as yesterday reports stated a deal was apparently close at hand. Today, China stated that tariffs must be removed before the Phase One deal can be signed.
There may be positioning on Thursday as Statistics Canada issues its December crop production report tomorrow. Trade expectations range from 18.8 million to 20.3 million tonnes. In the agency’s September report canola production was pegged at nearly 19.4 million tonnes.
The Canadian dollar was stronger this morning at 75.96 U.S. cents after closing Wednesday at 75.63.
About 6,200 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Canola Jan 454.60 up 2.00
Mar 463.00 up 1.60
May 471.20 up 1.60
Jul 477.60 up 1.90
Futures Prices as of December 5, 2019
Prices are in Canadian dollars per metric ton