Glacier FarmMedia — ICE canola futures were stronger Monday morning after moving to both sides of unchanged in overnight activity.
- The trade deal with China announced Friday and expectations for a resumption of canola exports to the country remained supportive to start the week.
- Chinese tariffs on Canadian canola seed will drop from 75.8 per cent to 15 per cent by March 1, in exchange for Canada lowering restrictions on Chinese electric vehicle imports.
- The March canola contract moved above its 50-day moving average on Friday and was trading near its 100-day average Monday morning.
- Markets in the United States are closed for Martin Luther King Jr. Day, which should limit activity in canola futures.
- European rapeseed futures were steady to lower while Malaysian palm oil held onto small gains.
- Canola ending stocks are expected to remain burdensome, even with the resumption of Chinese buying, keeping a lid on the upside.
- About 12,300 canola contracts had traded as of 8:51 CST.
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Prices in Canadian dollars per metric tonne at 8:51 CST:
Canola Mar 643.20 up 3.70
May 653.50 up 4.50
Jul 659.40 up 4.70
Nov 654.30 up 5.20
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