ICE Canola Futures Mixed in Thin Activity
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 2, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading in a narrowly mixed range at 9:24 EDT. Overbought market conditions along with strength in the Canadian currency accounted for some of the selling that surfaced in canola. Higher calls for CBOT soybean values provided some small support.
Small declines overnight in Malaysian palm oil and European rapeseed helped to influence some minor selling interest in canola. The Canadian dollar’s strength was also helping to sideline end-users and in turn was putting some downward pressure on prices, brokers said. Continued ideas that canola output in western Canada came in at higher than anticipated levels also influenced some of the price weakness, brokers said. Support in canola was coming from the small advances made by e-CBOT soybeans overnight and by the higher calls for both CBOT soybeans and soyoil with the start of the North American day session. Light domestic crusher demand and the pricing of old export business were underpinning price influences for canola, traders said. As of 9:24 am EDT, there were 222 canola contracts traded. As of 9:24 am EDT, no western barley contracts had been traded.
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