By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were climbing higher late Monday morning, benefitting from news of a potential trade deal between the United States and China.
That pushed the Chicago soy complex higher, with spillover finding its way into canola. Additional support came from increases in European rapeseed, but losses in Malaysian palm oil tempered the gains. Modest upticks in crude oil underpinned the vegetable oils.
However, Canada is now faced with an additional 10 per cent tariffs on its exports to the U.S. as President Donald Trump took umbrage with the anti-tariff commercials aired by the Ontario government.
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Prime Minister Mark Carney is to speak with Chinese President Xi Jinping at the ASEAN summit in Malaysia. Hopes are pinned on working towards resolving tariff issues between Canada and China.
The January canola contract remained above its 20-day moving average while positioned slightly below its 50-day average.
The Canadian dollar was higher by mid-session Monday, with the loonie rising to 71.44 U.S. cents, compared to Friday’s close of 71.36.
Approximately 33,300 canola contracts were traded as of 10:48 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 622.50 up 5.00
Jan 637.20 up 4.70
Mar 649.10 up 3.90
May 659.40 up 3.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
