Canadian canola futures fall

ICE Canadian canola futures plunged on Friday in a broad selloff in commodities and stocks due to fears about the spread of the coronavirus. A lack of export demand is also hurting canola prices, but farmers have slowed selling to the cash market, limiting futures price declines, a trader said. A second trader said canola held up well compared to the steeper losses for soyaoil and crude oil.

Most-active May canola lost $3.80 to $459.70 per tonne.

The May contract trades well below all major moving averages, and funds have built a large short position, traders say. May-July canola spread traded 3,918 times. US stock markets tumbled as fears of economic damage intensified with the global tally of coronavirus cases crossing 100,000.