By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 16 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, taking some direction from Chicago Board of Trade soybeans.
“Everything is working against canola today,” said a trader pointing to the bearish influence of soybeans, which were down 10 U.S. cents per bushel at midday, and the firm tone in the Canadian dollar.
Ongoing trade tensions with China also continued to weigh on values, although the trader expected those concerns were largely priced into the market for the time being.
Canola was lagging soybeans to the downside, with supportive chart signals helping temper the declines. Expectations for reduced seeded acres this spring also underpinned the market.
About 26,000 canola contracts traded as of 10:51 CDT, with spreading a feature as participants continued to roll out of the nearby May contract.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Price Change
Canola May 454.70 dn 1.00
Jul 462.30 dn 1.40
Nov 473.80 dn 1.20
Jan 480.30 dn 1.10
