ICE Canola Edges Higher In Nearby Months
| 1 min read
ICE Canola Edges Higher In Nearby Months |
| By Phil Franz-Warkentin, Resource News International |
| Oct. 15, 2010 |
| Winnipeg – ICE Canada canola futures were narrowly mixed Friday morning, but edging higher in the most actively traded nearby contracts as calls for a higher start in CBOT soybeans provided some underlying support.
Traders said the overall trend remained pointed higher in canola, especially given the expectations for continued strength in CBOT soybeans. Overnight advances in Malaysian palm oil were also providing some spillover support. In addition to the speculative demand, domestic crushers also remain good buyers in the canola market, said traders. The generally favourable weather across western Canada tempered the upside, as producers continue to make good progress bringing in their canola crops. However, the elevators are filling up and producer selling was starting to slow down, according to market participants. Technical resistance was also tempering the upside in canola, with some profit-taking ahead of the weekend expected. The recent strength in the Canadian dollar, which was trading only slightly below parity with its US counterpart on Friday, also served to limit the gains in canola. About 3,100 canola contracts had traded as of 8:43 CDT. Western barley futures were untraded and unchanged Friday morning. Prices in Canadian dollars per metric ton at 8:43 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 499.20 | up 0.20 | |
| Jan | 507.80 | up 0.40 | |
| Mar | 513.80 | dn 1.10 | |
| Western Barley | |||
| Dec | 180.00 | unch | |
| Mar | 185.00 | unch | |
