By Glen Hallick, MarketsFarm
WINNIPEG, March 8 (MarketsFarm) – ICE Futures canola contracts were steady in early trade so far Friday morning as China’s actions against imports from Canada continue to be felt.
Canola futures this morning were up by less than C$1 per tonne, with the May contract at C$456.50 per tonne.
Yesterday’s bounce at the end of trading could mean prices found a short-term bottom.
Chinese inspectors were said to have found six pathogens in canola imported from Canada, according to a report. There has been speculation that more companies selling canola to China could have their permits revoked as with Richardson International.
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The soybean complex on the Chicago Board of Trade was mixed Friday morning. Soybeans and soymeal were up, while soyoil was down. The May soybean contract gained one and a quarter cents to US$9.03 and three-quarters per bushel.
The United States Department of Agriculture will issues its latest World Agricultural Supply and Demand Estimates on Friday at 11 a.m. Central Standard Time. An analyst following the Chicago Board of Trade said major changes are unlikely.
The Canadian dollar on Friday morning was up at 74.44 U.S. cents.
About 800 canola contracts had traded as of 8:25 CST.
Prices in Canadian dollars per metric ton at 8:25 CST:
Price Change
Canola May 456.50 up 0.30
Jul 465.20 up 0.20
Nov 478.60 unchanged
Jan 485.40 up 0.10
