ICE Canada Sharply Stronger with USDA data
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| November 9, 2010 |
| Winnipeg – November 9 – Canola contracts on the ICE Canada platform were trading sharply higher at 08:40 CST Tuesday, pushed higher by a report from the USDA that showed a decrease in soybean production, analysts said.
Soybeans were nearly 20 US cents per bushel higher in Chicago in overnight trading. A weaker US dollar was also lending support to soybeans, brokers said. Adding to the canola’s bullishness were Malaysian palm oil and European rapeseed, which both soared to fresh contract highs in overnight trading. Market watchers said the absence of willing sellers is underpinning the market, as producers are waiting for canola values to push higher. Gains were tempered by significant strength from the Canadian dollar. Canada’s currency had pushed its way above par with its US counterpart. At 08:40 CST, there had been about 4,000 canola contracts traded. Western barley futures were untraded and unchanged in early trading. Prices in Canadian dollars per metric ton at 8:40 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 565.00 | up 14.80 | |
| Mar | 572.00 | up 15.10 | |
| Nov | 519.90 | up 6.20 | |
| Western Barley | |||
| Dec | 180.10 | unchanged | |
| Mar | 185.00 | unchanged | |
