By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) – The ICE Futures canola market was down sharply in most months at midday Friday, setting fresh contract lows as a general selloff in the global equity and commodity markets weighed on values.
Only the lightly traded nearby March contract was up on the day, as participants exited the front month ahead of its expiry.
Concerns over the COVID-19 coronavirus remained the key driver in the financial markets on the last trading day of the month, with speculators adding to short positions in canola and end-users only buying on a scale-down basis.
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The Dow Jones Industrial Average was down by more than 800 points at midday, while the Toronto Stock Exchange had lost about 650 points. West Texas crude oil was down by about US$3 per barrel.
The Canadian dollar was also weaker, which provided some underlying support for canola as crush margins held steady, according to a trader.
About 10,500 canola contracts traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Price Change
Canola Mar 452.40 up 5.90
May 452.30 dn 4.30
Jul 459.80 dn 4.50
Nov 471.20 dn 4.30
