By Glen Hallick, MarketsFarm
WINNIPEG, April 30 (MarketsFarm) – ICE Futures canola contracts were up in early trade Tuesday morning with a light volume.
The July contract was up by 70 cents at C$445.60 per tonne. The November contract gained C$1.20 at C$460.10 per tonne.
Bids tested key support levels in trading on Monday, but did not violate them.
The prospect of fewer canola acres in Canada continues to provide support.
Support also was coming from gains in soybeans on the Chicago Board of Trade. Also from the International Grains Council, which has projected European rapeseed production to drop six per cent in 2019.
China’s ban on Canadian canola imports, a huge South American soybean harvest and United States farmers very likely to plant more soybeans this year have weighed on values.
The Canadian dollar was is steady Tuesday morning at about 74.33 U.S. cents.
About 1,700 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola May 439.00 up 0.90
Jul 445.60 up 0.70
Nov 460.10 up 1.20
Jan 468.10 up 1.90
