By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 30 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, feeling the weight of selloffs in financial markets spurred by prolonged concerns of China’s coronavirus.
Flagging soyoil on the Chicago Board of Trade also kept pressure on canola prices. Earlier in the week, prices hit “a good strong low” that would, in other circumstances, hold for a while.
“But this is not a normal market,” said one trader.
“This is a very moody and nervous market.”
Relative weakness to the Canadian dollar wasn’t enough to shake canola prices out of the rut. At midday, the dollar was around 75.6 U.S. cents.
About 16,000 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Mar 457.50 dn 4.10
May 466.60 dn 4.20
Jul 473.30 dn 4.30
Nov 481.50 dn 4.80
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