ICE Canola Contracts Up In Rebound From Friday
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 15, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at higher price levels at midday with the upward price action seen as a rebound from Friday’s sell-off, market watchers said.
Good commercial buying interest, said to be covering old export business to Japan as well as domestic processor requirements, helped to influence the upward price action in canola, brokers said. Strength in canola was also linked to the advances seen in Malaysian palm oil and European rapeseed futures overnight. Gains in CBOT soybean futures early Monday also contributed to the price advances seen in canola, traders said. Disciplined farmer deliveries of canola during the weekend and Monday also provided an upward boost for futures. The upside in canola was restricted in part by light speculative offerings at the highs of the day. The absence of fresh export demand was also a limiting price influence, brokers said. There were an estimated 5,687 canola contracts traded at 10:17 CST.
|
