By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 30 (MarketsFarm) – ICE Futures canola contracts were trading slightly higher at midday Wednesday.
A Winnipeg-based trader analyst suggested canola has become range-bound, similar to that experienced in the summer.
The Chicago soy complex provided some support, especially soyoil.
While there continues to be harvest pressure, the difficulties Prairie farmers are experiencing has been supportive of bids.
On Tuesday, Canadian and Chinese officials met in Geneva, Switz. and discussed canola. Other than just talking face-to-face, no major progress was made.
As widely expected, the Bank of Canada announced it will continue to maintain its benchmark interest rate at 1.75 per cent. The impetus was a forecast for a weaker Canadian economy and a global economic slowdown. Should the latter worsen, the Bank estimated Canada’s GDP could drop by 4.5 per cent by 2021.
Approximately 11,300 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Nov 452.20 up 0.80
Jan 461.60 up 0.90
Mar 471.00 up 1.00
May 479.30 up 0.80
