By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker on Friday morning, as fears over the coronavirus have kept a tight squeeze on the markets.
Exacerbating those fears were the first cases of COVID-19 being reported in Nigeria, and that the number of new cases in South Korea today surpassed those in China.
Disruptions caused by weeks of rail blockades in Canada continue to provide caution in the market.
A report from Statistics Canada on Friday forecast the country’s economic growth to slow to 1.6 per cent in 2020. Expectations had been for growth of two to three percent after 2019 saw the economy expand by two points.
The Canadian dollar was weaker again this morning at 74.29 U.S. cents, compared to Thursday’s close of 74.84.
About 6,000 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola May 453.30 dn 3.30
Jul 460.90 dn 3.40
Nov 472.00 dn 3.50
Jan 479.40 dn 2.80
