ICE Canola Mostly Higher In “Turnaround Tuesday” Trade
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| By Phil Franz-Warkentin, Resource News International |
| July 27, 2010 |
| Winnipeg – ICE Canada canola futures were narrowly mixed Tuesday morning, but were posting advances in the most actively traded nearby months as the market saw a correction following Monday’s declines.
A trader said there was some "turnaround Tuesday" action in the canola market accounting for the gains in the front months. He noted that the overall technical bias still remains to the upside in canola, despite Monday’s correction lower. While the production problems across western Canada this year have already been largely priced into the canola market, traders said there was still enough uncertainty to lend some firm support for values. Calls for a higher start in CBOT soybeans were also providing some spill-over support to canola, according to traders. Malaysian palm oil futures also managed to close higher in overnight trade after moving lower in earlier activity. The Canadian dollar was stronger Tuesday morning, putting some pressure on canola values. Farmer selling was also said to be weighing on prices. About 1,600 canola contracts had traded as of 8:20 CDT. Western barley futures were untraded and unchanged. Prices in Canadian dollars per metric ton at 8:20 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 453.00 | up 1.40 | |
| Jan | 455.00 | up 0.50 | |
| Mar | 450.60 | dn 2.30 | |
| Western Barley | |||
| Oct | 156.50 | unch | |
| Dec | 156.50 | unch | |
