US Trade Talks Revive ICE Canola Futures Amid Crude Oil Declines

Intercontinental Exchange (ICE) canola futures closed steady to higher on Friday, recovering from earlier losses. This shift in momentum came as US Trade Representative Jamieson Greer announced that there would be a major update on trade talks between President Donald Trump and Chinese President Xi Jinping on Monday.

The news of the upcoming announcement had a positive impact on markets, causing Chicago soybeans and soyoil to turn around and end the session higher. However, sharp declines in crude oil continued to put pressure on vegetable oils, limiting gains at the Chicago Board of Trade.

Statistics Canada reported that August canola crush reached a record 1.24 million tonnes, making it the second largest month on record. Canola exports also saw an improvement, increasing to 43,300 tonnes for the week ended September 20, with year-to-date exports rising to 752,900 tonnes compared to 627,400 last year.