By Glen Hallick, MarketsFarm
WINNIPEG, April 3 (MarketsFarm) – ICE Futures canola contracts for the front months were down slightly in early trade Wednesday morning, with few influences so far to push prices either way.
The May contract lost 80 cents to C$457.90 per tonne.
However that may change as the day progresses, as a third Canadian canola exporter could be banned by a China, according to a report. The exporter has yet to be named, but may soon join Richardson International and Viterra who were banned from selling canola to China in March. Those actions followed a lack of new sales to China since January.
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Richardson International Chief Executive Officer Curt Vossen said he expects Canadian farmers to plant 10 per cent less canola in 2019 compared to last year, according to a report.
Strategie Grains has projected the 2019 European rapeseed crop at 19.32 million tonnes, a drop of 3.3 per cent. Projected acres were lowered by 200,000 to 14.43 million acres.
The Canadian dollar on Wednesday morning moved back above 75 U.S. cents, after closing yesterday at 74.94 cents.
About 1,600 canola contracts had traded as of 8:23 CDT.
Prices in Canadian dollars per metric ton at 8:23 CDT:
Price Change
Canola May 457.90 dn 0.80
Jul 465.90 dn 0.80
Nov 477.50 dn 0.20
Jan 484.40 up 0.10
