ICE Canada Review: Canola up on Strong Crusher Demand
| 1 min read
By Brent Harder
| By Brent Harder, Commodity News Service Canada |
| May 2, 2011 |
| Winnipeg – May 2 – Canola contracts on the ICE Canada platform were higher Monday, as demand from the domestic crushing sector picked up as crush margins have seen a steady improvement over the past couple of sessions, analysts said.
Further advances came from worries that spring planting in western Canada will be delayed following a significant snowstorm that took place over the weekend, experts said. The Canadian dollar was weaker Monday, with the currency unsure of what to think about the surge in the polls by the New Democratic Party of Canada, ahead of Monday’s federal election, market watchers said. Advances were tempered by weakness in CBOT soybeans, brokers said. The Malaysian palmoil market was closed Monday, due to a public holiday in Malaysia. The strong South American soybean harvest was also putting bearish pressure on values, brokers said. There were an estimated 8,444 canola contracts traded Monday, down from the 12,466 contracts that changed hands during the previous session. Of the contracts traded, 2,758 were spread related. Western barley futures were untraded and unchanged during Monday’s session. Prices are in Canadian dollars per metric ton. |
| Price | Change | ||
| Canola | |||
| Jul | 569.00 | up 1.60 | |
| Nov | 565.20 | up 1.60 | |
| Jan | 572.20 | up 1.20 | |
| Western Barley | |||
| Jul | 205.00 | unchanged | |
| Oct | 205.00 | unchanged | |
