By Glen Hallick, MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – Routine business and crusher activity are supporting increases on the ICE canola futures midday Friday, said a Winnipeg-based trader.
“We’re off those lows certainly by a fair chunk, but we’re still below yesterday’s high,” he said, noting the funds are maxed out with their large short positions.
He also pointed to farmers, who have been quite reluctant to sell their canola, as they wait for better prices.
The soy complex on the Chicago Board of Trade was up midday Thursday, providing some support.
The Canadian dollar slipped under 75 U.S. cents.
There has been nothing new out of China regarding Richardson International. Chinese officials have yet to provide any evidence of Richardson’s canola shipments being contaminated.
Although trade negotiations between the United States and China have slowed, progress is still being made. U.S. President Donald Trump stated the next three to four weeks will determine whether negotiators come to an agreement or not. It’s widely believed Trump and Chinese President Xi Jinping will sign a deal by the end of April.
About 9,300 canola contracts were traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola May 462.80 up 1.60
Jul 470.70 up 1.30
Nov 481.90 up 1.30
Jan 488.00 up 1.30