ICE canola mixed Wednesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was narrowly mixed Wednesday morning, as the futures continue to react to the shifting global trade news.

China and the United States raised their tariffs on each other, while Canada also upped its retaliatory measures against Trump’s trade policies.

Chicago soyoil futures were lower in early trade, while soybeans posted small gains. European rapeseed and Malaysian palm oil were both down on the day.

The U.S. Department of Agriculture is set to release its monthly supply/demand estimates on Thursday, with pre-report positioning expected to be a feature in the North American grain and oilseed markets on Wednesday.

Canola remains attractively priced compared to other global oilseeds, keeping some end user buying interest underneath the market.

About 24,600 canola contracts had traded as of 8:48 CDT.

Prices in Canadian dollars per metric ton at 8:48 CDT:

Canola            May   647.20    up  1.00

Jul   650.90    dn  1.80

Nov   630.70    up  0.60

Jan   638.00    up  0.50