By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker Monday morning, as market fears towards the coronavirus ramped up.
There was spike in the number of new cases of the COVID-19 strain of the coronavirus outside of China, particularly in South Korea, Iran and Italy. That has pushed down values in the commodities and stock markets.
Added to that, Canadian Agriculture and Agri-Food Minister Marie-Claude Bibeau said on Friday that talks with China in resolving its dispute with Canada came to a halt due to the coronavirus.
A number of blockades have continued to impede rail traffic in Canada, including the one set up by the Tyendinaga Mohawk near Belleville, Ont. This morning Ontario Provincial Police announced they will forcibly remove the blockade.
The Canadian dollar was down this morning at 75.29 U.S. cents after closing Friday at 75.62.
About 10,700 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Price Change
Canola Mar 452.80 dn 5.50
May 461.80 dn 5.60
Jul 468.4 dn 5.90
Nov 477.50 dn 5.40
