By Glen Hallick, MarketsFarm
WINNIPEG, March 12 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker on Thursday morning, as the COVID-19 coronavirus and dropping crude oil prices have kept a tight squeeze on the markets.
On Wednesday, United States President Donald Trump imposed strict travel restrictions from Europe for the next 30 days due to COVID-19 fears. In turn, that exacerbated crude oil’s troubles already stemming from the price war between Russia and Saudi Arabia.
Furthermore, that’s generated sharp declines for Chicago soyoil and European rapeseed. Meanwhile Malaysian palm oil had small gains.
The Canadian dollar was weaker again this morning at 72.32 U.S. cents, compared to Wednesday’s close of 72.75.
About 5,700 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola May 452.40 dn 7.70
Jul 460.80 dn 7.40
Nov 469.60 dn 8.30
Jan 477.20 dn 7.30
