ICE Canola Lower with Soy
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| November 12, 2010 |
| Winnipeg – November 12 – Canola contract on the ICE Canada platform were trading lower at 08:40 CST Friday, following the lead of soybeans and the rest of the soy complex in Chicago, analysts said.
Market watchers said export business to China and Korea had slowed on lack of demand, after reports the Asian nations economies have been slowing. It is rumoured China is looking at another interest rate hike. Farmer selling was expected to pick up if the market remained lower, as brokers said producers may be fearing the market is due for a correction. Profit taking was also a popular theme ahead of the weekend, experts said. Losses were tempered by the Canadian dollar, which was about a half cent weaker against the US currency in early trading, analysts said. ICE Canada was closed Thursday to mark Remembrance Day. At 08:40 CST, there had been about 4,400 canola contracts traded. Western barley futures were unchanged and untraded early Friday. Prices in Canadian dollars per metric ton at 8:40 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 558.00 | dn 5.50 | |
| Mar | 566.70 | dn 3.60 | |
| Nov | 510.00 | dn 6.10 | |
| Western Barley | |||
| Dec | 180.10 | unchanged | |
| Mar | 185.00 | unchanged | |
