By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 14 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were mixed Tuesday morning, looking for direction, as there were lower prices for European rapeseed, Malaysian palm oil and Chicago soyoil.
There was an error in the Canadian Grain Commission’s (CGC) data regarding domestic disappearance, according to Glacier Farm Media. The figured was reported to be 4.86 million tonnes, which was more than 1 million tonnes ahead of this time last year. The Canola Council of Canada believes that should be around 300,000 tonnes above last year. The correction is expected to be in the CGC’s report next week.
The phase one trade deal between the United States and China is to be signed tomorrow in Washington. The South China Morning Post reported China is apparently to purchase US$200 billion of U.S. goods, of which US$40 billion are to be agricultural goods.
The Canadian dollar was lower this morning at 76.51 U.S. cents after closing Monday at 76.64.
About 4,700 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Mar 483.10 up 0.20
May 491.70 dn 0.10
Jul 497.00 dn 0.10
Nov 499.00 up 0.10
Commodity Future Prices
Prices are in Canadian dollars per metric ton