By Glen Hallick, MarketsFarm
WINNIPEG, May 4 (MarketsFarm) – ICE Futures canola contracts were lower on Monday as a drop in the Chicago Board of Trade soy complex weighed on values.
Allegations by the Trump administration that China is to blame for the COVID-19 pandemic and President Donald Trump suggesting he could impose new tariffs on China has the markets worried. Soyoil fell by almost a half cent per pound by midday.
Despite that influence, a Winnipeg-based trader said canola was still holding up fairly well as it’s “a little sturdier than the U.S. markets.”
He said the harvest of overwinter canola in Alberta has been going quite well, with reports of the quality being fairly good from respectable yields.
The Canadian dollar was slightly lower at 70.97 U.S. cents, compared to Friday’s close of 71.09.
Approximately 7,100 canola contracts were traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Canola Jul 463.20 dn 3.00
Nov 470.40 dn 3.30
Jan 476.40 dn 3.30
Mar 481.90 dn 3.10