ICE Canola Lower in Early Trade
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| November 10, 2010 |
| Winnipeg – November 10 – Canada platform were lower at 8:35 CST, as traders were booking profits after prices soared higher Tuesday following low soy production estimates in the latest USDA report, analysts said. Some traders felt the gains were overdone.
Soybeans on the CBOT platform were slightly lower in overnight trading, helping contribute to canola’s losses, experts said. The Canadian dollar was sharply stronger in early trading, as it regained equal footing with its US counterpart. This was weakening export demand, furthering canola’s decline, market watchers said. Elevator company’s were hedge selling, as they expected farmers to increase deliveries of canola in view of the higher futures prices. Losses were tempered by Malaysian palm oil and European rapeseed, which made small gains in overnight trading. Market watchers expect to see small volumes of trade Wednesday, ahead of the Remembrance Day holiday on Thursday. ICE Canada futures will not be open due to the holiday. At 08:35 CST, there had been about 2,600 canola contracts traded. Western barley contracts were unchanged and untraded in early trading. Prices in Canadian dollars per metric ton at 8:35 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 563.30 | dn 5.10 | |
| Mar | 570.50 | dn 5.30 | |
| Nov | 517.00 | dn 3.90 | |
| Western Barley | |||
| Dec | 180.10 | unchanged | |
| Mar | 185.00 | unchanged | |
