ICE canola futures: canola starts the week lower

By Marlo Glass, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker on Monday morning, due to a weaker tone in soybeans on the Chicago Board of Trade.
Due to the COVID-19 pandemic, a pork processing plant in South Dakota is shuttering. The plant is estimated to process approximately five per cent of the nation’s pork, which may impact future domestic demand for soymeal.
Comparable weakness in the Canadian dollar provided some support to canola values. The Canadian dollar was around 71.5 U.S. cents on Monday morning.
About 2,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
                          Price      Change
Canola      May 460.80 dn 2.70
Jul 466.00 dn 2.90
Nov 472.20 dn 3.00
Jan 478.10 dn 3.20
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