By Marlo Glass, MarketsFarm
WINNIPEG, June 1 – ICE Futures canola contracts were lower on Monday, due to strength in the Canadian dollar.
The Canadian dollar was stronger by over eight tenths of a cent at midday due to comparable weakness in the United States dollar.
Trade tensions between the U.S. and China ramped up, as China has told state agriculture firms to cease purchases of U.S. pork, cotton, corn, and soybean products. This came after the Trump administration said it would eliminate special trade conditions for Hong Kong.
Planting activity across the Prairies was slowed down somewhat by pockets of moderate to heavy rain over the weekend.
Approximately 10,000 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Jul 458.30 dn 2.80
Nov 467.10 dn 2.90
Jan 474.00 dn 2.60
May 479.60 dn 2.50
