By Glen Hallick, MarketsFarm
WINNIPEG, March 1 (MarketsFarm) – ICE Futures canola contracts were mostly on the downside in early trading on Friday morning, with a number of factors weighing on values.
Other than the November contract, canola futures this morning were down approximately C$1 to C$2 per tonne, with the May contract at C$466.80 per tonne.
Traders have been shifting their focus to this 2019 production. There have been reports that total North American oilseed production will slip in the new crop year.
Export demand for Canadian canola has continued to remain soft. Also, the South American soybeans have been entering the coming global market in larger amounts.
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Canadian farmers will have a new federal agriculture minister as Prime Minister Justin Trudeau shuffles his cabinet on Friday. Minister of Agriculture and Agri-Food Lawrence MacAuley (Prince Edward Island) will be shifted to Veterans’ Affairs. Minister of International Development Marie-Claude Bibeau (Quebec) becomes the new ag minister. Minister of Women and Gender Equality Maryam Monsef adds international development to her duties.
There has been some movement in United States/China trade talks. U.S. President Donald Trump announced he will meet with Chinese President Xi Jingping in mid-March.
The soybean complex on the Chicago Board of Trade was mostly up Friday morning. Soybeans and soyoil were increasing, while soy meal was slightly down. The May soybean contract gained two cents to US$9.12 per bushel.
The Canadian dollar has been staying below the 76-cent mark. The loonie on Friday morning was at 75.91 U.S. cents.
About 14,600 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Price Change
Canola Mar 463.40 dn 2.30
May 466.80 dn 2.40
Jul 475.60 dn 1.70
Nov 484.70 up 0.20
