Glacier FarmMedia | MarketsFarm – The ICE Futures canola market erased its gains from Thursday as worldwide market strife carried over into the oilseed.
An analyst said China’s 34 per cent retaliatory tariffs on imports from the United States was wreaking havoc on the markets, primarily soybeans which have dropped nearly 40 U.S. cents per bushel.
Chicago soyoil, as well as European rapeseed and Malaysian palm oil showed sharp drops, while crude oil was down US$5 per barrel for the second straight day.
The Canadian Grain Commission reported 233,000 tonnes of canola were shipped for export during the week ended March 30, more than twice than the 113,800 reported the week before. So far this marketing year, 6.866 million tonnes were shipped, compared to 4.031 million one year earlier.
The Canadian dollar was down six-tenths of a U.S. cent compared to Thursday’s close.
About 48,000 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 626.30 dn 9.60
Jul 628.10 dn 11.40
Nov 615.30 dn 10.50
Jan 622.90 dn 10.50
