ICE Canola Turns Higher, But Trade Choppy
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Jan. 21, 2011 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform bounced around to both sides of unchanged in choppy activity Friday morning, but were holding onto gains in most months at 10:39 CST Friday as a turn higher in the CBOT soy complex provided some support.
"It’s a bit erratic," said a Winnipeg-based broker adding that "it’s hard to tell what exactly is going on today – it’s just too choppy." While some selling pressure weighed on prices early in the day, the broker said the general undertones were still very firm for canola. He said both commercial end users and speculative funds were looking at any dips in the market as opportunities to buy. While there was some light farmer selling tempering the eventual move higher, the broker said producers were more focused on obtaining good basis levels than following the futures right now. The Canadian dollar was stronger on Friday, which put some downward pressure on canola, according to market participants. At 10:39 CST, about 7,600 canola contracts had changed hands with spreading accounting for about 2,300 of the contracts traded. Western barley futures were untraded and unchanged at midsession. Prices in Canadian dollars per metric ton at 10:39 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 602.10 | up 2.20 | |
| May | 609.90 | up 2.20 | |
| Nov | 567.50 | up 1.50 | |
| Western Barley | |||
| Mar | 194.00 | unch | |
| May | 200.00 | unch | |
