By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 27 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, as financial markets remained spooked by the outbreak of a coronavirus in China.
One trader explained that markets have always been uncertain as to “when and how many” soybeans China would buy. The coronavirus outbreak has exacerbated that uncertainty.
The trader noted that, despite dropping by over C$5 per tonne, canola is doing well compared to U.S. markets, but “can’t resist being dragged lower by soybean weakness.”
About 19,000 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Mar 462.30 dn 7.30
May 471.40 dn 7.40
Jul 477.60 dn 7.10
Nov 498.90 dn 5.60
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