ICE Canola Stronger with Malaysian Palm Oil
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| November 8, 2010 |
| Winnipeg – November 8 – Canola contracts on the ICE Canada platform were mostly stronger to 8:40 CDT Monday, finding strength from Malaysian palm oil – which hit a two-week high – and European rapeseed. Gains were attributed to ongoing weather concerns.
The Canadian dollar had weakened in early trading, which was providing more support for canola, market watchers said. While canola exports to China are lower this year due to lack of supply, export analysts have said they would import more if more was available. Gains were tempered by soybeans in Chicago which were trading at lower values overnight, analysts said. Market watchers expect trading to be relatively light Monday, as traders await the USDA’s latest crop report which is due to come out on Tuesday. At 08:35 CDT, there had been about 1,000 canola contracts traded. At 08:35 CDT, a total of 5 western barley contracts had been traded, with the market unchanged. Prices in Canadian dollars per metric ton at 8:35 CDT: |
| Price | Change | ||
| Canola | |||
| Jan | 551.60 | up 0.70 | |
| Mar | 559.00 | up 0.90 | |
| Nov | 516.60 | up 1.80 | |
| Western Barley | |||
| Dec | 180.00 | unchanged | |
| Mar | 185.00 | unchanged | |
