ICE Canola Futures Post Small Advances
| 1 min read
| By Dwayne Klassen, Resource News International |
| September 30, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at steady to mostly higher price levels at 9:38 EDT. Gains in the outside oilseed markets overnight helped to prop up canola futures with steady domestic crusher demand adding to the support, market watchers said.
Gains in Malaysian palm oil futures overnight helped to generate some of the support. Sentiment that CBOT soybean values will start the North American day session on a firmer footing also influenced some of the buying interest seen in canola, brokers said. Sentiment that some of the losses in canola were overdone also stimulated some of the upward price momentum. The upside in canola was being limited by Bearish chart signals were an undermining price influence in canola as were the continued up trend in the value of the Canadian dollar, traders said. The lack of fresh export demand was seen keeping the advances in canola in check as well, brokers said. Some evening up of positions ahead of Monday’s crop production survey from Statistics Canada was a feature of the activity. As of 9:38 EDT, there were 2,171 canola contracts traded. As of 9:38 EDT, no western barley contracts had been traded. |
