By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 3 (MarketsFarm) – ICE Futures canola contracts were holding onto small gains at midday Tuesday, seeing a modest correction after falling below nearby chart support on Monday.
However, losses in the outside equity markets, amid renewed concerns over United States trade policy following comments by President Donald Trump in Europe, kept some caution in the market.
Citing hot and dry weather conditions, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) lowered its estimate on the size of the country’s canola crop to 2.1 million tonnes, from 2.3 million in September. That’s down by only four per cent from the previous year, but is 35 per cent off the 10-year average.
About 14,000 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Canola Jan 452.90 up 0.80
Mar 462.10 up 0.80
May 470.20 up 0.70
Jul 476.50 up 0.80