By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 26 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, finding itself caught up in a broad global selloff.
Concerns over a new COVID-19 variant sparked sharp losses in crude oil and equity markets on Friday, with that general weakness spilling into canola as well.
However, the Canadian dollar was also down sharply on the day, which helped temper the declines. The underlying fundamentals of tight supplies and the need to ration demand also remained supportive.
Markets in the United States will close early on Friday due to the Thanksgiving holiday, while the canola market will trade its usual hours.
About 12,700 canola contracts traded as of 10:36 CST.
Prices in Canadian dollars per metric tonne at 10:36 CST:
Price Change
Canola Jan 1,030.00 dn 3.40
Mar 997.20 dn 4.60
May 956.50 dn 7.30
Jul 909.60 dn 11.00
