By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 7 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker Friday morning, as the recent bounce in prices has run into resistance.
Also Chicago soyoil was lower this morning, which weighed on values.
Reports have indicated that China is set to lower its tariffs on United States soybeans. That could be the beginning of China’s massive purchases of U.S. agricultural goods, which could boost soybean prices with spillover into canola.
The Canadian dollar was slightly lower this morning at 75.12 U.S. cents after closing Thursday at 75.24.
Statistics Canada will release its Labour Force Survey today and that report could determine the direction of the loonie.
About 7,100 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Mar 459.70 dn 1.30
May 469.00 dn 1.20
Jul 475.50 dn 1.50
Nov 482.00 dn 2.00
