By Glen Hallick, MarketsFarm
WINNIPEG, April 29 (MarketsFarm) – ICE Futures canola contracts were mostly down in early trade Monday morning, as China’s import ban on Canadian canola continues to hurt bids.
While the May canola contract was up 50 cents, at C$440.00 per tonne, the July contract fell C$1.80, at C$444.40 per tonne.
Along with the import ban, the strong likelihood of United States farmers switching from corn to planting soybeans and a huge South American soybean crop have also weighed on values.
Traders wanting to avoid further lows before planting gets fully underway and the prospect of fewer canola acres this year have been providing support.
The Canadian dollar was down a little bit Monday morning at about 74.24 U.S. cents from Friday’s close of 74.29.
About 3,600 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric ton at 8:34 CDT:
Price Change
Canola May 440.00 up 0.50
Jul 444.40 dn 1.80
Nov 458.30 dn 1.50
Jan 466.40 dn 0.20
