By Glen Hallick, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly lower Wednesday morning, along with Chicago soyoil.
On Monday and Tuesday, canola pushed toward its highs only to meet resistance and then retreated before the end of the session.
The COVID-19 pandemic remains a bearish influence on all markets.
Gains in European rapeseed and Malaysian palm oil have tempered losses in canola.
Below average temperatures across the Prairies have slowed the spring melt.
The United States Department of Agriculture releases its monthly supply and demand report tomorrow. The markets will be positioning ahead of the report.
Also, the markets will be closed on April 10 for Good Friday.
The Canadian dollar was lower this morning at 71.30 U.S. cents, compared to Tuesday’s close of 71.50.
About 6,900 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola May 459.90 dn 0.60
Jul 466.60 dn 1.30
Nov 475.00 dn 0.70
Jan 481.00 dn 0.70
Futures Prices as of April 8, 2020
Prices are in Canadian dollars per metric ton