By Glen Hallick, MarketsFarm
WINNIPEG, May 17 (MarketsFarm) – Intercontinental Exchange futures canola contracts were weaker in early trade Friday morning, caught up in declines in the soy complex on the Chicago Board of Trade.
The July canola contract was down C$1.70 at C$445.30 per tonne. The November contract dropped C$2.30 at C$456.70 per tonne.
Trade tensions between the United States and China ramped up as the U.S. blacklisted Huawei, making it difficult for the Chinese technology giant to do business in the country. Also, China cancelled nearly 3,350 tonnes of U.S. pork imports.
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Canada’s own dispute with China took yet another turn, after two Canadians were formally arrested on spying-related charges this week. Reports have stated China has rejected multiple shipments of soybeans from Canada. Already for the last five months, there have been no new sales of canola to China.
The Canadian dollar was weaker Friday morning at about 74.08 U.S. cents, down from Thursday’s close of 74.41.
About 2,500 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Price Change
Canola Jul 445.30 dn 1.70
Nov 456.70 dn 2.30
Jan 463.30 dn 1.40
Mar 468.70 dn 1.30
