By Glen Hallick, MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – ICE Futures canola contracts were down trading in early trade Wednesday morning, pushing to new contract lows so far.
The July contract was down C$1.10 at C$440.10 per tonne. The November contract was down 90 cents at C$454.60 per tonne.
The federal government announced plans this morning to expand the cash advance program. Agriculture Minister Marie-Claude Bibeau will expand maximum a farmer can borrow from C$400,000 to C$1 million and interest-free on the first C$500,000.
International Trade Minister Jim Carr announced a canola mission to study ways to diversify Canada’s canola exports.
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Farmers planting fewer canola acres this spring and the prospect of most bearish news having been factored in have provided support.
However, the Canada/China dispute and the technical bias switching to the downside have weighed on values. As have a huge South American soybean harvest and United States farmers growing more soybeans this year.
The Canadian dollar was up Wednesday morning at 74.62 U.S. cents.
About 1,200 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 440.10 dn 1.10
Nov 454.60 dn 0.90
Jan 462.10 dn 0.50
Mar 468.90 dn 0.10
