By Marlo Glass, MarketsFarm
WINNIPEG, March 12 (MarketsFarm) – The ICE Futures canola market walked back gains made earlier in the week, as global financial markets have been thrown into turmoil.
Significant uncertainty posed by the COVID-19 coronavirus and its subsequent impact on global markets has sidelined many market participants. Trade activity has been lighter than usual.
Weakness in the soy complex on the Chicago Board of Trade also dragged down canola prices. Soyoil has lost almost all of the considerable ground that was regained in prior trading sessions.
The Canadian dollar hovered around 72 U.S. cents, the lowest point in several years.
About 11,500 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola May 451.60 dn 8.50
Jul 459.70 dn 8.50
Nov 468.20 dn 9.70
Jan 475.60 dn 8.90
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