By Marlo Glass, MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – The ICE Futures canola market was in the red at midday on Monday, as plummeting crude oil values depressed stock and commodity markets alike.
News that OPEC and Russia have broken agreements and will abandon production cuts sent crude oil futures into freefall Monday morning. That brought global stock indices down as well.
“Soyoil continues to be most sensitive to the stock market situation,” remarked one Winnipeg-based trader.
However, canola prices were “holding well” and not dropping as significantly as the soy complex.
The Canadian dollar was at its weakest point in years at 73.87 U.S. cents, which provided some support to canola values.
About 14,000 canola contracts traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola May 454.10 dn 5.70
Jul 462.20 dn 5.80
Nov 471.20 dn 5.50
Jan 476.10 dn 7.20
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