ICE Canola Futures Mixed, Higher CBOT Ideas Supportive
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 22, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading in a narrowly mixed price range at 9:37 EST. Light speculative demand, spurred by ideas CBOT soybean values will start the North American day session on a firmer footing, prompted some of the support seen in canola, market watchers said. Losses in Malaysian palm oil overnight was viewed as an undermining price influence.
Sentiment that the losses seen on Friday in canola were overdone, also influenced some of the early upward price action in some contracts, brokers said. Steady domestic crusher demand under the market was helping to keep a firm floor under canola, with the pricing of old export demand also an underpinning price influence. The absence of farmer deliveries into the cash pipeline during the weekend also provided a firm floor for canola to work with, brokers said. The upside in canola was being limited by the upswing in the value of the Canadian dollar and by the continued absence of fresh export business being put on the books, traders said. Discrepancies over how much canola is left on farm in western Canada was helping to create a volatile trading affair. As of 9:37 EDT, there were 603 canola contracts traded. As of 9:37 EDT, no western barley contracts had been traded.
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