ICE Canola Slighlty Higher
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| December 6, 2010 |
| Winnipeg – December 6 – Canola contracts on the ICE Canada platform had posted slight advances at 08:35 CST, as fresh contract highs in Malaysian palm oil and European rapeseed were pushing the market higher, analysts said.
Market watchers said there is strong demand for canola from exporters and crushers right now, as prices have risen despite Friday’s Statistics Canada report that showed there were 11.8 million tons of canola in the country, well above pre-report expectations. Strength in the vegetable oil market was underpinning prices, as was the Canadian dollar, which was down about a third of a cent in early trade, brokers said. Reports of good crops in South America tempered canola’s gain, as the area received some much needed rains over the weekend, although brokers noted more precipitation is still needed. The higher than expected amount of canola from Friday’s Stats Can report was also weighing on prices, market watchers said. At 08:35 CST, there had been about 4,100 canola contracts traded. Western barley futures were unchanged and untraded in early trade. Prices in Canadian dollars per metric ton at 8:35 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 556.00 | up 2.70 | |
| Mar | 562.50 | up 3.00 | |
| Nov | 518.00 | up 1.00 | |
| Western Barley | |||
| Mar | 194.00 | unchanged | |
| May | 194.00 | unchanged | |
