By Glen Hallick, Commodity News Service Canada
WINNIPEG, Feb. 26 (CNS Canada) – ICE Futures canola contracts were down slightly in early trading on Tuesday morning, as the technical bias continues to remain on the downside.
Canola futures for this morning slid by C$1 per tonne, with the May contract at C$476.70 per tonne.
The return of frigid temperatures across Western Canadian might dampen farmers from making deliveries. Meanwhile canola exports from Canada remain soft.
The markets have become cautious as there is growing uncertainty surrounding the United Kingdom’s Brexit deal to leave the European Union.
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Also, the markets will be keeping an eye on the summit between United States President Donald Trump and North Korean leader Kim Jong Un that begins Wednesday in Vietnam.
The soybean complex on the Chicago Board of Trade was down Tuesday morning, putting pressure on canola. The May soybean contract fell eight cents to US$9.17 per bushel.
The Canadian dollar was down Tuesday morning, at 75.57 U.S. cents.
About 3,800 canola contracts had traded as of 8:31 CST.
Prices in Canadian dollars per metric ton at 8:31 CST:
Price Change
Canola Mar 470.00 dn 0.80
May 476.70 dn 1.20
Jul 484.70 dn 1.00
Nov 488.50 dn 0.60
