By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 23 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, as gains in the Chicago Board of Trade soy complex provided support.
Soybeans dropped sharply on Friday after a Chinese trade delegation cancelled plans to visit some United States farms. However, there was renewed optimism over trade relations between the two countries to start the week, as Chinese officials downplayed the abrupt departure and indicated trade negotiations were still going well.
Wet conditions continue to cause harvest delays across parts of Western Canada, keeping a weather premium in the market.
However, large old crop supplies and ongoing uncertainty over Canadian trade relations with China tempered the advances.
Agriculture and Agri-Food Canada released updated supply/demand estimates late Friday, raising its canola ending stocks forecast for 2019/20 to a record 4.5 million tonnes.
About 7,000 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Nov 451.60 up 4.20
Jan 459.80 up 4.00
Mar 467.90 up 3.90
May 474.90 up 3.20
