By Glen Hallick, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker on Monday morning, as fears towards the COVID-19 coronavirus were keeping a tight squeeze on the markets.
The number of COVID-19 cases in Canada has continued to increase with several provinces closing schools and requesting people to refrain from gathering in large groups as to help stem the spread of the virus.
European rapeseed also incurred sharp losses, while Chicago soyoil is weaker. Malaysian palm oil was flat this morning.
Producer deliveries of canola were slightly higher for the week ended March 8 with 406,300 tonnes compared to 393,900 tonnes the previous week.
The Canadian dollar was lower this morning at 71.63 U.S. cents, compared to Friday’s close of 71.94.
About 8,800 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola May 448.00 dn 5.60
Jul 456.00 dn 5.80
Nov 462.80 dn 7.70
Jan 470.80 dn 7.10
