By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 27, 2018 (CNS Canada) – ICE Futures canola contracts were stronger at midday Monday, as oilseed markets rebounded following yesterday’s losses.
Chicago Board of Trade soybean, meal and oil contracts were all higher after Monday’s sharp losses. However, canola wasn’t seeing as much of a rebound as the soy complex as it didn’t fall as much as soy did.
“It’s sort of re-balancing a little bit. Obviously the overall environment in the oilseeds remains weak, even with small rebounds today…the overall environment remains soft,” said a Winnipeg-based trader. He added that it’s hard to know exactly how low canola contracts will go, but overall there isn’t a lot of support for the market.
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“Even if we get news on trade with China it’s only temporarily supportive. But it looks like the way this meeting at the end of the week is shaping up is that the trade is becoming convinced that there’s not much likely to come from it,” said the trader.
About 9,900 canola contracts had traded as of 10:34 CST.
