By Glen Hallick, MarketsFarm
WINNIPEG, March 19 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Thursday morning, due to the Canadian dollar remaining under 70 United States cents.
The Canadian dollar was slightly higher at 69.17 U.S. cents, compared to Wednesday’s close of 68.98.
Also, there was support from stronger values for Chicago soyoil and European rapeseed. Malaysian palm oil was slightly lower.
The COVID-19 pandemic will remain a huge negative factor in all markets. As will the crude oil price war between Saudi Arabia and Russia, especially for the ‘oil-sensitive’ Canadian economy.
About 6,500 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola May 460.70 up 3.30
Jul 468.30 up 3.00
Nov 477.00 up 2.10
Jan 484.80 up 2.70
