By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 27 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were largely steady on Thursday morning, following a drop in the Canadian dollar.
After several days of holding firm, the loonie dropped by more than a half cent this morning at 74.79 U.S. cents.
Meanwhile, declines in Chicago soyoil, Malaysian palm oil and European rapeseed weighed on canola values.
A meeting between the federal and British Columbia governments with the Wet’suwet’en hereditary chiefs will proceed today. The meeting is to deal with land rights and to resolve the impasse over the Coastal GasLink pipeline that’s crossing Wet’suwet’en traditional territory. Anti-pipeline barricades have significantly delayed rail shipments to Canada’s ports.
About 9,100 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Canola Mar 449.70 up 1.40
May 456.30 dn 0.10
Jul 464.00 up 0.10
Nov 474.50 up 0.10
Futures Prices as of February 27, 2020
Prices are in Canadian dollars per metric ton