The Good: The canola market had a good day on the coat tails of the U.S. – China trade agreement. The January contract closed the day up C$7.20 per tonne at C$648.50 per tonne. Soybeans had a strong day with nearby contracts up by 10 to 13 cents per bushel. The rally in canola today pushed the nearby contract up above the 50 day moving average, which lies at C$638.15 per tonne. This is good news for canola futures.
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The Good, Bad & Ugly
The Good: U.S. wheat exports improved last week as 350,293 tonnes were shipped during the week ending on October 30…..
The Bad: Despite the rally in the canola and soybeans today, soybean oil had another bad day in the market. The December contract closed the day at 49.65 U.S. cents per pound. The December contract did challenge the 49.5 U.S. cent per pound level which is close to the recent contract lows. The poor performance of the soybean oil contract was definitely bad news.
The Ugly: The wheat market was disappointed today with the lack of mention of wheat in the U.S. – China trade agreement . The spring wheat futures market was down by 10 cents per bushel which wiped out the gains of the past week. Even a frost in Argentina couldn’t provide any support for wheat markets today. This has been the ugly story for wheat over the past six months with any gains in the market met swiftly with a quick drop. The move today is dropped wheat below the 20 day moving average.
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