ICE Canola Down Following Outside Markets
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| By Phil Franz-Warkentin, Resource News International |
| April 19, 2010 |
| Winnipeg – ICE canola futures were lower Monday morning, as a weaker tone in most outside commodity markets put some pressure on values.
An analyst said the commodity markets were still under pressure from Friday’s news that Goldman Sachs was facing fraud charges. With talk that other major companies may also be under investigation, participants in all commodity markets were taking a cautious approach, he added. CBOT soybeans were being called lower to start the North American session. Malaysian palm oil was also weaker overnight. Expectations for increased canola acres this spring, together with the large South American soybean supply situation, also weighed on canola prices, according to traders. However, the losses were tempered by the weaker Canadian dollar. A slowdown in farmer selling, as producers start to turn their attention to spring fieldwork, was also expected to be supportive for canola prices. About 240 canola contracts had traded as of 8:47 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:47 CDT: |
| Price | Change | ||
| Canola | |||
| May | 380.00 | dn 1.50 | |
| Jul | 386.60 | dn 1.50 | |
| Nov | 392.40 | dn 0.60 | |
| Western Barley | |||
| May | 152.00 | unch | |
| Jul | 145.50 | unch | |
