Coronoavirus drags commodity markets lower
Source: Marlo Glass, producer.com, March 19, 2020
Many participants have been sidelined in the canola market due to uncertainty.
Canada’s grain markets haven’t been immune to the growing panic surrounding the COVID-19 coronavirus and its impact on global economies.
At the start of Monday’s trade, crude oil futures plummeted by over 30 per cent following a dissolved agreement between Russia and Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries (OPEC). COVID-19 had reduced global demand for oil, and OPEC was proposing deeper production cuts. Russia, however, balked at that agreement, and Saudi Arabia vowed to increase crude oil production to total 13 million barrels per day by April.
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