ICE canola down amid broad virus selling

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Published: March 16, 2020

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, March 16 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, as global uncertainty over the COVID-19 coronavirus weighed on values across the board.

Efforts to stop the spread of the virus continue to ramp up, with the unprecedented nature of the worldwide response leading to a bearish tone in the equity and commodity markets.

Chicago Board of Trade soybeans and soyoil were also weaker, putting spillover pressure on canola.

However, the Canadian oilseed was off its earlier lows by midsession, with oversold price sentiment and weakness in the Canadian dollar providing some support.

About 17,000 canola contracts traded as of 10:40 CST.

Prices in Canadian dollars per metric tonne at 10:40 CST:

Price Change
Canola May 450.40 dn 3.20
Jul 457.90 dn 3.90
Nov 464.80 dn 5.70
Jan 472.90 dn 5.00

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