By Glen Hallick, MarketsFarm
WINNIPEG, April 5 (MarketsFarm) – ICE Futures canola contracts were down in early trade Friday morning, along with soybeans on the Chicago Board of Trade.
The May canola contract was down C$1.20 to C$456.80 per tonne.
There has been a negative reaction to comments made by United States President Donald Trump on the markets. Trump said negotiations with China have “a ways to go, but not very far” from a deal didn’t go over very well with traders. That resulted in low bids for soybeans, which have spilled over into canola.
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Added to that, the Canada/China dispute has continued to weigh on values. An U.S./China trade deal, once widely thought to be good for canola prices, may not have the expected spill over benefit in the short term if issues between Canada and China persist.
Traders looking towards spring planting intentions, spring road bans, and farmer reluctance to sell have been providing support.
The Canadian dollar on Friday morning was down at around 74.65 U.S cents.
About 2,400 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola May 456.80 dn 1.20
Jul 464.50 dn 1.30
Nov 476.70 dn 1.50
Jan 483.20 dn 1.40
