By Glen Hallick, MarketsFarm
WINNIPEG, April 18 (MarketsFarm) – ICE Futures canola contracts were down in early trade Thursday morning, with volumes lighter than what has been experienced this week.
The May canola contract was down 30 cents, at C$450.90 per tonne. The July contract also slipped 30 cents, at C$458.40 per tonne.
The Intercontinental Exchange and the Chicago Board of Trade will be closed tomorrow for the Good Friday holiday. The markets will resume trading Sunday evening.
Canola could be in store for a bounce on Thursday as traders may be unwilling to see lower prices as spring planting is just getting underway, according to a report.
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The Australian Bureau of Agricultural and Resource Economics (ABARES) reported global demand for oilseeds is increasing, largely driven by demand from China. Also, Australia’s 2019/20 canola crop was projected to jump to 3.7 million tonnes, an increase of 68 per cent year over year. Such could mean Australia could reap some of the benefits from Canada’s lost exports to China.
Statistics Canada issues its planting projections report on April 24. The markets are expecting fewer canola acres in 2019, with those acres going to peas, flax, barley and other cereals, according to a report.
The Canadian dollar was down Thursday morning at about 74.73 U.S. cents.
About 2,900 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Price Change
Canola May 450.90 dn 0.30
Jul 458.40 dn 0.30
Nov 470.20 dn 0.20
Jan 478.70 up 1.60
