Glacier FarmMedia — The ICE Futures canola market was stronger at midday Friday, finding some direction from gains in Chicago soyoil.
Trade talks between Canadian foreign minister Anita Anand and her Chinese counterpart brought renewed optimism that a resolution to the countries’ tariff dispute could be reached and contributed to the gains in canola. However, an actual deal is still thought to be far off.
The canola harvest is nearly finished across the Prairies, and the resulting slowdown in farmer selling was also supportive.
Weekly Canadian canola exports of 159,200 tonnes were roughly double what moved the previous week, according to the latest Canadian Grain Commission data. However, crop year-to-date movement of 955,300 tonnes compares with 2.3 million by the same point a year ago.,
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An estimated 31,200 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Canola Nov 623.10 up 2.70
Jan 636.90 up 2.60
Mar 647.10 up 2.30
May 656.00 up 2.00
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
