ICE Canadian canola futures fell on Friday as part of a broad-based commodity sell-off as fears about the coronavirus slowing the global economy caused traders to close out positions in risky assets, traders said. The May and July contracts hit new all-time lows.
Bargain buying pulled the canola market from its session lows late in the day.
May canola settled down 30 cents at $456.30 a tonne, bottoming out at $451.20.
For the week, the May contract fell 2.4%, its third straight week of declines. May-July canola spread traded 3,081 times. Soyabean futures weakened on Friday, reversing course after three days of gains as equities and energy markets extended their steep selloff as the fast-spreading virus raised fears of a global recession.
Euronext May rapeseed futures dropped 1.9% and Malaysian May palm oil futures plunged 5.6%.