ICE Canola Futures Mainly Lower As Specs Remain Nervous
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 19, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mainly lower price levels at 9:37 EST. Nervous selling from speculative fund accounts helped to generate some of the price weakness seen in most of the canola contracts, market watchers said.
Some of the selling by speculative accounts was associated with news that China is working on new plans to help curb inflation in that country, traders said. Declines overnight in e-CBOT soybean values encouraged some of the price Firmness in the Canadian dollar was seen more as an undermining price influence for canola, brokers said. Canola had found some support overnight from oversold price sentiment. Underlying support in canola was seen coming from a pick up in domestic crusher demand and continued indications that fresh export business is being concluded, brokers said. The pricing of old export business was also offering a firm price floor for canola. Elevator company hedge selling has been light, but could step up ahead of the close and the weekend, traders said. As of 9:37 EDT, there were 1,508 canola contracts traded. As of 9:37 EDT, no western barley contracts had been traded.
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