ICE Canola Consolidates Slightly Lower
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| By Phil Franz-Warkentin, Resource News International |
| August 17, 2010 |
| Winnipeg – ICE Canada canola futures were steady to slightly lower Tuesday morning, seeing some consolidation after Monday’s move higher.
Light profit-taking had weighed on canola values in overnight trade, but calls for a firmer start to the North American session for CBOT soybeans were helping underpin the market, according to traders. Talk of exporter pricing was also underpinning canola values, although there was no confirmation of any fresh business taking place. Crop conditions remain a concern across some parts of western Canada. However, with forecasts looking reasonably favourable through the next week, the advancing harvest operations should be putting some pressure on canola prices, according to traders. Opinions on the size of the canola crop are widely varied, and uncertainty ahead of Statistics Canada’s production report on August 20 could lend a cautious tone to the canola trade over the next week, traders added. The Canadian dollar was stronger Tuesday morning, weighing on canola values. Overnight declines in Malaysian palm oil futures were also slightly bearish for canola. About 350 canola contracts had traded as of 8:30 CDT. Western barley futures were untraded and unchanged. Prices in Canadian dollars per metric ton at 8:30 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 467.00 | dn 1.10 | |
| Jan | 471.00 | dn 0.80 | |
| Mar | 472.10 | unch | |
| Western Barley | |||
| Oct | 168.00 | unch | |
| Dec | 179.00 | unch | |
