By Marlo Glass, MarketsFarm
WINNIPEG, May 28 – ICE Futures canola contracts were lower on Thursday due to a lack of supportive influences.
After a British Columbian judge ruled the extradition case against Huawei executive Meng Wanzhou could continue, China has accused Canada of acting as an “accomplice” to the United States, according to Chinese media.
Canadian canola imports to China are about 60 per cent lower than average in years prior. One Winnipeg-based trader said there are rumours that China could decrease their purchases of Canadian canola further, though nothing has been confirmed yet.
Losses in the Chicago soy complex also weighed on canola values. Nearby soyoil contracts were down by about four tenths of a cent at midday.
Continuous strength to the Canadian dollar also weighed on canola prices. The dollar was at 72.6 cents at midday.
Approximately 10,000 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Jul 461.20 dn 2.00
Nov 471.10 dn 0.90
Jan 477.80 dn 1.00
May 482.40 dn 2.00
Futures Prices as of May 28, 2020
Prices are in Canadian dollars per metric ton