Glacier FarmMedia — The ICE Futures canola market was stronger at midday Friday, finding spillover support from advances in Chicago soybeans and soyoil.
Optimism over the possibility of easing tensions with China was also supportive. A trade delegation to the major canola buying country had “constructive discussions” with Chinese officials, according to a statement from Prime Minister Mark Carney’s office.
“The visit paves the way for further constructive engagement with Chinese counterparts to find pragmatic solutions to shared trade concerns,” the statement added.
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While tight old crop supplies also underpinned the futures, the advancing new crop harvest tempered the gains.
The United States Department of Agriculture will release updated supply/demand estimates at 11:00 a.m. CDT, with any surprises in the data likely to set the tone of trade ahead of the close.
An estimated 25,700 canola contracts traded as of 10:17 CDT.
Prices in Canadian dollars per metric tonne at 10:17 CDT:
Canola Nov 638.40 up 6.70
Jan 650.50 up 6.40
Mar 661.80 up 6.30
May 671.80 up 6.20
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
