By Glen Hallick, MarketsFarm
WINNIPEG, March 18 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Wednesday morning as the Canadian dollar continues to weaken, which makes exports more attractive.
The loonie slipped under 70 U.S. cents to 69.25, losing more than a penny so far this morning. Since the beginning of March, the dollar has lost about six cents.
That’s due to the COVID-19 global pandemic, which remains a threat to all markets. Reports indicate that the Canada-United States border may soon be closed to all traffic except for commercial shipments.
The Saudi Arabia/Russia crude oil price war has also driven values further down. While such does not directly affect canola, it does influence Chicago soyoil, which began today on the downside.
Elsewhere, European rapeseed was weaker, but there were gains for Malaysian palm oil.
About 4,300 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola May 454.50 up 1.20
Jul 462.20 up 1.30
Nov 471.00 up 1.00
Jan 478.40 up 1.00
