By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 10 (MarketsFarm) – ICE Futures canola contracts were steady at midday Tuesday, despite several international events affecting the markets, said a Winnipeg-based trader.
Reports stated Michael Kovrig and Michael Spavor are heading to trial in China on espionage-related charges. The Canadians have been detained by China for a year.
“The fact is, that being moved along may be an indication there’s something going on behind the scenes,” the trader commented.
Also, the United States-Mexico-Canada Agreement (USCMA) is being signed again after some changes were made today. It’s expected the deal will now be ratified by Canada and the U.S., after it was stalled in the latter’s Congress. The USMCA had been previously ratified by Mexico.
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The trader said the USMCA will be a positive, but will likely have little effect on canola.
The U.S. Department of Agriculture issues its supply and demand report today.
“Historically, the December report is usually not a big market mover,” the trader said.
He noted that farmer selling has tempered any gains in bids. Also, trading volumes today are largely due to the spread.
The Canadian dollar was virtually unchanged so far today at 75.58 U.S. cents, compared to Monday’s close of 75.56.
Approximately 18,500 canola contracts were traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Price Change
Canola Jan 459.40 up 0.30
Mar 468.30 up 0.20
May 476.10 up 0.30
Jul 482.00 up 0.50
