By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 27 (MarketsFarm) – The ICE Futures canola market was down sharply Monday morning, falling in sympathy with outside equity and commodity markets amid mounting concerns over the spreading coronavirus and a possible global economic slowdown.
A rocket attack on the United States embassy in Bagdad added to the general risk-off sentiment in international markets.
Ample visible canola supplies, large South American soybean crops and bearish technical signals also weighed on values, according to participants.
However, oversold price sentiment helped temper the declines. A weaker tone in the Canadian dollar was also supportive.
About 11,500 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Mar 462.60 dn 6.90
May 471.50 dn 7.10
Jul 478.50 dn 6.00
Nov 484.50 dn 5.50
