ICE Canola Stronger with Weak C$
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| October 7, 2010 |
| Winnipeg – October 7 – Canola contracts on the ICE Canada platform were trading at stronger values at 10:35 CDT, as a weak Canadian dollar was making purchasing more appetizing for importers, analysts said.
China looked to be buying bit more product than usual. Market watchers said the Chinese often increase imports ahead of USDA crop reports. The next report is due out Friday. Speculative buying was also a popular theme to midsession. Strength from soybeans in Chicago was aiding to canola’s bullish tone, as were higher prices from Malaysian palm oil and European rapeseed, experts said. Many producers were selling cash canola, as they feel it’s imperative to move canola coming off the combine, as a significant amount of it is damp, experts said. Weak oil prices were also limiting canola’s gains, analysts said. At 10:35 CDT, there had been about 9,700 canola contracts traded. Western barley futures were unchanged and untraded at midsession. Prices in Canadian dollars per metric ton at 10:35 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 474.50 | up 4.70 | |
| Jan | 482.80 | up 4.40 | |
| Mar | 489.00 | up 4.40 | |
| Western Barley | |||
| Dec | 175.50 | unch | |
| Mar | 180.40 | unch | |
