By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) – ICE Futures canola contracts were down in early trading on Thursday morning, as technical signals point towards the downside.
Canola futures for this morning fell approximately C$1 to C$2 per tonne, with the May contract at C$471.90 per tonne.
Export demand for Canadian canola still remains soft. Also the South American soybeans have been entering the coming global market in larger amounts.
Optimism towards the United States/China trade front has become tenuous. Despite talk from the Trump administration of a deal with China has become closer; a lack of specifics regarding U.S. sales to China has soured the markets.
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There have been indications the United States-Mexico-Canada Agreement is in trouble. Canada and Mexico, along with several members of the U.S. Congress have been pushing for the elimination of tariffs on metals, and they have not achieved any progress.
The soybean complex on the Chicago Board of Trade was mixed Thursday morning. Soybeans and soy meal were down, while soy oil was up. The May soybean contract lost one cent to US$9.16 per bushel.
The Canadian dollar was down Thursday morning, dipping below 76 cents to 75.83 U.S. cents.
About 6,600 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric ton at 8:39 CST:
Price Change
Canola Mar 465.70 dn 1.90
May 471.70 dn 1.50
Jul 479.50 dn 1.40
Nov 484.80 dn 1.60
