Trade optimism lifts canola market

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Aug. 30, 2018 (CNS Canada) – ICE Futures
canola contracts were stronger Thursday morning, amidst trade
optimism.
Chicago Board of Trade soybeans and meal contracts were all
lower, while soyoil contracts were trading both sides of
unchanged. Malaysian palm oil contracts were higher, which was
lending some support to the canola market.
There is optimism that a new North American Free Trade
Agreement will be reached tomorrow including Canada.
The Canadian dollar was weaker Thursday morning, which was
supportive for canola contracts.
Traders are positioning themselves ahead of tomorrow’s
Statistics Canada production report. Pre-report estimates are
pegging the canola crop at 18.100 million tonnes to 21.300
million tonnes, compared to last year’s 21.319 million tonnes.
About 2,000 canola contracts had traded as of 8:42 CDT
Thursday morning.

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