By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, getting support from reports that the Phase One trade deal between the United States and China could be signed this week.
The South China Morning Post reported on Monday that Vice-Premier Lui He, China’s top trade negotiator, is to travel to Washington to sign the agreement. However, a White House official stated the deal will likely be signed the following week, but he said that needs to be confirmed by President Donald Trump.
Read Also
North American Grain and Oilseed Review: Canola clings to small upticks
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
“I think the reality is we’re going to see the markets go higher,” commented a Winnipeg-based analyst, adding a note of caution.
“We’re probably overdone and [prices] are not going to stay up. They will come off at some point,” he said.
The gains in canola were despite an increase in the Canadian dollar on Monday morning. The loonie rose slightly to 76.58 U.S. cents, compared to Friday’s close of 76.46.
Approximately 7,800 canola contracts were traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Price Change
Canola Jan 467.80 up 4.00
Mar 478.60 up 4.40
May 487.60 up 4.20
Jul 493.50 up 3.90
