Glacier FarmMedia — ICE canola futures were posting solid gains Monday morning, seeing a recovery to start the week after closing at its lowest levels in two months on Friday.
U.S. President Donald Trump posted to social media on Sunday that “China is worried about its shortage of soybeans,” and added that “our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders.”
The comments from Trump accounted for a rally in Chicago soybeans and soyoil that spilled into the canola market. Malaysian palm oil was sharply higher overnight, while European rapeseed held closer to unchanged.
The U.S. Department of Agriculture is set to release updated supply demand estimates on Tuesday, with pre-report positioning expected to be a feature in the North American grains and oilseeds ahead of the data.
About 14,000 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Nov 678.00 up 8.60
Jan 689.10 up 8.10
Mar 696.90 up 7.40
May 702.90 up 6.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
