ICE Canola Holding Steady, Looking For Direction
| 1 min read
|
|
| By Phil Franz-Warkentin, Resource News International |
| August 25, 2010 |
| Winnipeg – ICE Canada canola futures were trading within a narrow range Wednesday morning, as the market steadied itself amidst some competing outside influences.
Export demand provided the canola market with some independent strength on Tuesday, and an analyst said firm crush margins could keep some of that end user demand in the market on Wednesday. Calls for early gains in CBOT soybeans were also providing some spill-over support to canola, according to traders. However, other markets, including soyoil and Malaysian palm oil, were weaker. Equity and crude oil markets were also looking softer on Wednesday. The Canadian dollar was also slightly weaker early in the day, and the recent weakness in the currency was cited as a supportive influence for canola. Harvest delays in parts of western Canada were also helping underpin canola values, limiting the farmer selling in the market. However, traders said hedges were likely to come forward on any move higher in prices. About 345 canola contracts had traded as of 8:40 CDT. Western barley futures were untraded and unchanged Wednesday morning. Prices in Canadian dollars per metric ton at 8:40 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 444.60 | unch | |
| Jan | 450.00 | up 1.10 | |
| Mar | 450.00 | dn 1.30 | |
| Western Barley | |||
| Oct | 168.00 | unch | |
| Dec | 183.00 | unch | |
