By Marlo Glass, MarketsFarm
WINNIPEG, March 26 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker on Thursday morning, taking direction from comparable vegetable oils.
Malaysian palm oil, European rapeseed, and soybeans on the Chicago Board of Trade all started the day on the defensive. Even though the Canadian and United States governments are passing aid packages, concerns of COVID-19’s impact on the global economy still linger.
Comparable strength in the Canadian dollar also weighed on canola values. The Canadian dollar was over 71 U.S. cents on Thursday morning.
About 4,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola May 462.60 dn 3.00
Jul 471.60 dn 3.10
Nov 479.90 dn 3.00
Jan 485.40 dn 4.00