ICE canola taking support from soybeans

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, May 24, 2018 (CNS Canada) – ICE Futures
Canada canola contracts were stronger at midday Thursday, taking
support from soybeans.
Weakness in the Canadian dollar and a rally in soybean
contracts on the Chicago Board of Trade lent support to the
canola market.
Canola is trading in a narrow range, the same as it was on
Wednesday but has been breaking lower at the close recently and
could today, according to a Winnipeg-based trader. It is often
trading at about a 30 cent range, he said.
There is also uncertainty in the market due to the ongoing
issues of south of the border, which is what propelled soybeans
up. There is talk from United States President Donald Trump that
China could ramp up buying from the U.S. to balance trade
between the two nations.
About 12,000 canola contracts had traded as of 10:34 CDT.

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