By Glen Hallick, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – ICE Futures canola contracts were lower on Monday, pushed lower by sharp declines in Chicago soyoil.
However, a Winnipeg-based trader noted that canola has been holding up well when product values already dropped $9 to $10.
He said there is some support that has come from the spread trade.
Although it’s still early to be concerned about the below normal Prairie temperatures at this point, some rumblings have emerged. However the markets likely won’t take the weather into account at least for another two weeks, the trader commented.
The Canadian dollar is slightly higher at 71.60 U.S. cents at midday compared to Thursday’s close of 71.51.
Approximately 6,800 canola contracts were traded as of 10:47 CDT.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Price Change
Canola May 461.40 dn 2.30
Jul 466.60 dn 2.30
Nov 473.10 dn 2.60
Jan 478.70 dn 2.50
