By Glen Hallick, MarketsFarm
WINNIPEG, May 6 (MarketsFarm) – ICE Futures canola contracts were “holding sturdy” at midday Monday, according to a Winnipeg-based trader as bids have been recovering from losses earlier in the morning.
At midday the July contract was up C$1.80 at C$434.40 per tonne. The November contract was up 30 cents at C$447.20 per tonne.
The trader stated there was “a giant overreaction” to tweets made on May 5 by United States President Donald Trump. The president threatened to hike tariffs on imports from China, accusing the country’s negotiators of slowing the pace of trade talks.
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He pointed out canola prices on the Intercontinental Exchange did not fall as much in relation to soybean prices on the Chicago Board of Trade.
“Traders won’t press canola down too far until they’re sure the U.S. markets will stay down,” the trader said.
The Canadian dollar was down Monday at about 74.31 U.S. cents.
About 12,400 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Jul 434.40 up 1.80
Nov 447.20 up 0.30
Jan 453.40 unchanged
Mar 459.30 dn 0.30
