By Glen Hallick, MarketsFarm
WINNIPEG, April 17 (MarketsFarm) – ICE Futures canola contracts were down in early trade Wednesday morning, as traders rolling out of May contracts into July continue to be a major feature.
The May canola contract was down C$1.10, to be at C$453.40 per tonne, and the July contract lost C$1.40, to be at C$460.90 per tonne.
With little fresh news there has been little to push bids either way. Traders focusing on spring planting, the prospect of fewer canola acres this year and limited farmer sales have been supportive.
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The Canada/China dispute, a very large South American soybean crop that’s now on the global market, and the likelihood farmers in the United States will switch to planting soybeans have weighed on values.
Another factor that has come into play is African Swine Fever in China, which has sharply reduced the country’s demand for soybeans. After 120 cases were discovered at least 30 per cent of China’s hog population has been culled, according to reports.
About 6,600 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Price Change
Canola May 453.40 dn 1.10
Jul 460.90 dn 1.40
Nov 472.60 dn 1.30
Jan 479.50 dn 1.10
