ICE Canola Marginally Higher, Weak C$ Supportive
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 22, 2010 |
| Winnipeg – September 22 – Canola contracts on the ICE Canada platform were trading at stronger values at 11:05 CDT, as aeak Canadian dollar and strong soybean prices in Chicago provided the market with a bullish tone, market watchers said.
Although prices were higher, a trader said he was surprised to see values up, because the US dollar was sharply weaker, but the fact the Canadian dollar was also weaker gave the canola market some strength. However, with both soybeans and the Canadian dollar supportive of canola, the trader said on a normal day the market could be up as much as C$7.00 per metric ton. The trader said the onset of good weather on the Canadian prairies was a key factor in canola’s gains being limited, and that the forecast looks good for a little while. The improved weather was seen advancing harvest operations. The main sellers on Wednesday had been producers, the trader said. Export demand had been quiet. At 11:15 CDT, there had been about 6,400 canola contracts traded, with about 2,300 of those tied to spreading. Western barley futures were untraded and unchanged at midsession. Prices in Canadian dollars in metric tons at 10:40 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 475.30 | up 2.10 | |
| Jan | 479.90 | up 2.40 | |
| Mar | 483.30 | up 2.80 | |
| Western Barley | |||
| Oct | 170.00 | unchanged | |
| Dec | 182.00 | unchanged | |
