Glacier FarmMedia – Canola futures on the Intercontinental Exchange were reeling in the middle of Tuesday trading after China announced it will implement a preliminary 75.8 per cent anti-dumping duty on Canadian canola imports starting Thursday.
An analyst said there is no possible way for China to replace Canadian canola in full. He speculated that the reason canola prices were not down by their limit was because Canada needed to pare down its export program due to tight supply. Another analyst said canola should be trading below C$600 per tonne very soon.
Read Also
North American Grain/Oilseed Review: Canola plunges, USDA releases estimates
Glacier FarmMedia – Canola futures on the Intercontinental Exchange had its worst day in recent memory on Tuesday. China announced…
Chicago soyoil and European rapeseed were down while Malaysian palm oil was up. Crude oil was also down slightly as the market awaits a meeting between United States President Donald Trump and Russian President Vladimir Putin later this week.
The U.S. Department of Agriculture will release its August supply/demand estimates later today.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Monday’s close.
About 123,400 canola contracts have traded at 10:26 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 643.50 dn 37.30
Jan 657.40 dn 34.80
Mar 669.50 dn 31.00
May 679.00 dn 28.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
