By Glen Hallick, MarketsFarm
WINNIPEG, March 5 (MarketsFarm) – ICE Futures canola contracts were mixed in early trade Tuesday morning.
Canola futures this morning were trading approximately C$1 per tonne either side of unchanged, with the May contract at C$461.40 per tonne.
Reports Tuesday morning stated that China revoked Richardson International’s registration to ship canola to the country without explanation. China has been Canada’s largest canola customer this crop year, accounting for 46 per cent of canola exports.
The news comes on the heels of two Canadians detained by China for the last three months have now been accused of espionage. Also on news that Huawei executive Meng Wenzhou’s extradition hearing begins Wednesday.
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The soybean complex on the Chicago Board of Trade was down Tuesday morning. The May soybean contract lost two and a half cents to US$9.13 and half per bushel.
The Canadian dollar on Tuesday morning was weaker at 75.15 U.S. cents.
About 2,500 canola contracts had traded as of 8:27 CST.
Prices in Canadian dollars per metric ton at 8:27 CST:
Price Change
Canola May 461.40 dn 1.40
Jul 470.00 dn 1.20
Nov 483.70 up 1.20
Jan 490.70 up 1.10
