By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 2 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, falling in sympathy with most outside equity and commodity markets as investors reacted to news that United States President Donald Trump and his wife Melania have tested positive for COVID-19.
Trump tweeted the news early Friday morning, triggering profit-taking and risk aversion in many world markets amid heightened uncertainty ahead of the upcoming U.S. presidential election.
Seasonal harvest pressure contributed to the softer tone in canola.
However, solid end user demand underneath the market provided some underlying support. The overall technical trend also remains pointed higher for the time being.
About 4,800 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola Nov 514.90 dn 2.30
Jan 521.90 dn 2.80
Mar 528.60 dn 2.90
May 531.80 dn 3.30
