By Glen Hallick, MarketsFarm
WINNIPEG, March 11 (MarketsFarm) – ICE Futures canola contracts were largely down in early trade Monday morning as hopes for a technical bounce are fading and tensions between Canada and China continue to weigh on prices.
Canola futures this morning were mostly down by C$2 per tonne, with the May contract at C$456.50 per tonne. The January contract was up 70 cents to C$486 per tonne.
Despite record canola supplies for the 2018-2019 crop year, estimated at 22.942 million tonnes, deliveries have been slow.
The soybean complex on the Chicago Board of Trade was down Monday morning. The May soybean contract lost two cents to US$8.93 and three-quarters per bushel.
As China contends with African Swine Fever in its hog industry, the country’s demand for soy has waned.
The Canadian dollar on Monday morning was up at 74.51 U.S. cents.
About 400 canola contracts had traded as of 8:17 CDT.
Prices in Canadian dollars per metric ton at 8:17 CDT:
Price Change
Canola May 455.80 dn 1.50
Jul 464.40 dn 1.70
Nov 477.20 dn 2.20
Jan 486.00 up 0.70
