By Glen Hallick, MarketsFarm
WINNIPEG, April 16 (MarketsFarm) – ICE Futures canola contracts were making gains in early trade Tuesday morning, with rolling May contracts into July a major feature.
The May canola contract was up 40 cents to C$456.10 per tonne, and the July contract up 10 cents to C$463.80 per tonne.
The possibility of fewer canola acres planted in 2019 and limited farmer sales have been providing support.
The Canadian dollar on Tuesday morning was down at about 74.77 U.S. cents, which has also been supportive.
Weighing on values has been the ongoing Canada/China dispute, the strong likelihood of U.S. farmers planting more soybeans this year and a very large South American crop.
About 6,900 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric ton at 8:34 CDT:
Price Change
Canola May 456.10 up 0.40
Jul 463.80 up 0.10
Nov 475.90 up 0.90
Jan 482.80 up 1.40
