By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Monday morning, due to spillover from a stronger Chicago soy complex.
After a week of losses, there is the belief in the markets that canola has been overdue for a bounce.
Also, the Canadian dollar was giving up some ground this morning at 75.48 U.S. cents after closing Friday at 75.57.
Fears over the coronavirus adversely affecting the global economy have persisted and weighed on values.
European rapeseed and Malaysian palm oil were lower as well.
While South American soybean crops were forecast to hit record amounts, there have been concerns that dryness in some parts of Argentina and Brazil that could reduce harvest numbers.
About 5,200 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Mar 452.80 up 2.30
May 461.90 up 2.10
Jul 469.10 up 2.40
Nov 477.80 up 2.70
