By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were mostly steady to lower Tuesday morning, after yesterday’s sharp losses across the futures markets. Fears of the COVID-19 coronavirus becoming a world-wide pandemic spurred yesterday’s huge sell-off.
In other vegetable oils, European rapeseed was steady this morning, but Chicago soyoil and Malaysian palm oil were down.
Although a rail blockade was removed by law enforcement near Belleville, Ont. other barricades have sprung up in various locations across Canada, including one at the entrance to the Port of Vancouver.
In light of the blockades, the federal government arranged for Canadian National and Canadian Pacific Railways to share tracks that circumvented the protests, according to the CBC.
The Canadian dollar was virtually unchanged this morning at 75.33 U.S. cents after closing Monday at 75.31.
About 8,700 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric ton at 8:36 CST:
Price Change
Canola Mar 449.30 dn 0.40
May 458.50 dn 0.30
Jul 465.60 dn 0.30
Nov 476.20 up 0.70
