By Glen Hallick, MarketsFarm
WINNIPEG, April 16 (MarketsFarm) – ICE Futures canola contracts were slightly lower on Thursday. Prices were backing off from yesterday’s gains due to sluggishness in Chicago soyoil, according to a Winnipeg-based trader.
Those losses were tempered by a weaker Canadian dollar at midday. The loonie was down three-tenths of a cent at 70.69 U.S. cents.
When compared to the United States dollar, “all of the dollar currencies have been pretty weak,” the trader commented.
He noted the markets likely won’t be affected very much next week with Statistics Canada having postponed its crop area report. Originally scheduled for release on April 24, a spokesperson for the federal agency said a new release date has yet to be confirmed.
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There have been anecdotal reports of Prairie farmers in the field, either combining what was left to overwinter or planting new crops. The trader said the spring combining could result in fewer canola acres to be seeded in 2020.
Approximately 13,200 canola contracts were traded as of 10:47 CDT.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Price Change
Canola May 457.90 dn 1.50
Jul 465.20 dn 1.60
Nov 472.90 dn 0.80
Jan 478.80 dn 0.40
