By Glen Hallick, MarketsFarm
WINNIPEG, May 3 (MarketsFarm) – ICE Futures canola contracts were down trading in early trade Friday morning, in light volume so far as bids approach levels unseen since December 2014.
The July contract was down C$1.80 at C$431.20 per tonne. The November contract lost C$1.70 at C$445.40 per tonne.
There continues to be little in sight to bolster prices. Fewer canola acres, waiting for any potential bounce from overselling, plus the cold and wet weather on the Prairies have been providing support.
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No foreseeable resolution to the Canada/China dispute and the technical bias having shifted to the downside have been weighing on values. As have the strong likelihood of more soybean acres in the United States and the large South American soybean harvest.
Some hope could be derived from comments this morning by Canola Council of Canada President Jim Everson, who stated China continues to buy canola oil and canola meal from Canada.
The Canadian dollar was up Friday morning at 74.40 U.S. cents.
About 1,600 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 431.20 dn 1.80
Nov 445.40 dn 1.70
Jan 452.00 dn 1.90
Mar 459.20 dn 0.80
