By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 23 (MarketsFarm) – ICE Futures canola contracts were posting small losses Tuesday morning, retreating from overnight gains as the path of least resistance remains pointed lower.
Losses in the Chicago Board of Trade soy complex and ongoing uncertainty over trade relations between Canada and China also weighed on values.
Expectations that Canadian farmers will seed fewer canola acres this spring provided some underlying support, with positioning ahead of Wednesday’s Statistics Canada acreage report a feature. Pre-report guesses generally call for canola area to be down by five to 10 per cent from the 22.8 million acres seeded in 2018.
The Canadian dollar was weaker Tuesday morning, losing roughly a third of a cent relative to its United States counterpart.
About 7,400 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola May 442.01 dn 1.00
Jul 450.30 dn 1.10
Nov 462.10 dn 1.20
Jan 469.00 dn 1.10
