ICE Canola Bounces Higher, C$ Supportive
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| By Phil Franz-Warkentin, Resource News International |
| March 26, 2010 |
| Winnipeg – ICE Canada canola futures were higher Friday morning, as the market saw a corrective bounce off of Thursday’s lower close.
Calls for a firmer start in the CBOT soy complex provided some spillover support for canola, according to traders. A weaker tone in the Canadian dollar was also seen helping underpin canola values, making the commodity more attractive to exporters and domestic crushers. Concerns about dry conditions in parts of Alberta and Saskatchewan were starting to be more of a factor in the canola market, although traders also noted that there was still plenty of time for those areas to see some beneficial precipitation before spring planting. The large South American soybean crop tempered the upside in canola. Overnight losses in Malaysian palm oil futures, and a slightly weaker tone in crude oil were also putting some downward pressure on canola. About 1,400 canola contracts had traded as of 8:54 CDT, with the July/November spread a major feature of the activity. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:54 CDT: |
| Price | Change | ||
| Canola | |||
| May | 381.00 | up 1.30 | |
| Jul | 386.80 | up 1.10 | |
| Nov | 386.80 | up 0.40 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.00 | unch | |
