By Glen Hallick, MarketsFarm
WINNIPEG, March 6 (MarketsFarm) – ICE Futures canola contracts were up in early trade Wednesday morning, correcting after recent losses.
Canola futures this morning were trading up at approximately C$1 per tonne, with the May contract at C$460.20 per tonne.
Reaction to China’s cancelling of Richardson International’s registration to sell canola to the country is still being felt. Already there are reports that Canadian farmers could plant fewer canola acres this spring.
China planned to import 4.715 million tonnes of canola and rapeseed in the 2018/2019 crop year, of which 90 per cent was to have come from Canada. That would have translated to C$3.6 billion to the Canadian economy, according to a report.
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The soybean complex on the Chicago Board of Trade was mixed Wednesday morning. Soybeans and soymeal were down, while soyoil was up. The May soybean contract lost one and a half cents to US$9.12 and a quarter per bushel.
The Canadian dollar on Wednesday morning was weaker, slipping at 74.89 U.S. cents.
About 4,000 canola contracts had traded as of 8:32 CST.
Prices in Canadian dollars per metric ton at 8:32 CST:
Price Change
Canola May 459.10 up 1.30
Jul 467.60 up 1.20
Nov 480.10 up 0.50
Jan 487.30 up 0.90
