ICE Canola Lower at Midday
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 9, 2010 |
| Winnipeg – September 9 – Canola was trading weaker on the ICE futures Canada platform to 10:45 CDT Thursday, thanks to a plethora of selling activity ahead of Friday’s US Department of Agriculture’s crop report, with most traders expecting a somewhat bearish report.
A trader said the downward pressure was sparked by heavy producer selling, while most grain companies were also in a dispersing mood. The soy complex was also mostly lower in Chicago which had aided in canola’s decline. The trader said that there had been little to no export activity, with exporters waiting for the price to go down. Contract spreading was a common theme throughout early trading, with 2,100 contracts spread to 10:45 CDT, according to the trader. At 10:45 CDT, there had been about 8,600 canola contracts traded. Western barley futures were lower with 10 contracts traded to 10:45 CDT in October. |
| Price | Change | ||
| Canola | |||
| Nov | 457.20 | dn 3.80 | |
| Jan | 462.50 | dn 3.30 | |
| Mar | 465.60 | dn 4.00 | |
| Western Barley | |||
| Oct | 170.00 | dn 5.00 | |
| Dec | 180.00 | unch | |
