ICE Canola Stronger, Harvest Delays Supportive
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| By Phil Franz-Warkentin, Resource News International |
| Sept. 1, 2010 |
| Winnipeg – ICE Canada canola futures were stronger Wednesday morning, finding spill-over support from the firmer tone in the outside financial markets as well as the overnight gains in e-CBOT soybeans. Harvest delays in western Canada were also helping underpin canola.
Traders said calls for a stronger start to the North American session for the CBOT soy complex were behind some of the strength in canola. However, Malaysian palm oil was a little weaker overnight. Cool, wet conditions across much of western Canada were adding to the strength in canola, as delayed harvest operations were seen increasing the risk of potential frost damage going forward. Domestic crusher and export-related buying also remained supportive for canola. However, canola prices were nearing upside technical resistance, which may temper the advances, according to an analyst. He added that early strength in the Canadian dollar was another bearish influence. About 1,100 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 | 464.60 | up 2.60 | |
| Jan | 469.30 | up 2.70 | |
| Mar | 472.00 | up 2.40 | |
| Western Barley | |||
| Oct | 175.00 | unch | |
| Dec | 183.00 | unch | |
