WINNIPEG, June 26 (MarketsFarm) – The ICE Futures canola market weaker at midday Wednesday, as bearish technical signals and heightened concerns over Chinese trade weighed on values.
China has now banned all imports of Canadian pork and beef, as the diplomatic dispute between the two countries shows no signs of resolving anytime soon.
Losses in Chicago Board of Trade soybeans and a firm tone in the Canadian dollar also put some pressure on canola.
Statistics Canada’s updated acreage estimates released Wednesday morning were within trade expectations for canola and did little to move the market. While canola area is expected to be down by 8.2 per cent on the year, at 20.95 million acres, large old crop supplies and the trade issues with China should still leave the country with burdensome carryout stocks.
About 15,500 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Jul 442.10 dn 3.70
Nov 452.40 dn 3.70
Jan 459.80 dn 3.60
Mar 466.50 dn 3.40
