ICE Canola Consolidates In Narrow Range
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| By Phil Franz-Warkentin, Resource News International |
| March 11, 2010 |
| Winnipeg – ICE Canada canola futures traded within a narrow range in overnight activity and were posting only small declines Thursday morning. Traders said the market was seeing some consolidation after moving higher on Wednesday.
Calls for a slightly lower start in the CBOT soy complex were expected to put some pressure on canola values as well, according to traders. Overnight losses in Malaysian palm oil futures could also lead to some spillover selling in the North American oilseeds. The large South American soybean crop has been mostly factored into the market by now, but remains a bearish price influence overhanging the canola market. Steady exporter demand helped keep canola prices well supported on Thursday, according to traders. A slightly weaker tone in the Canadian dollar was also helping underpin canola values. However, an analyst pointed out that the currency is still considerably stronger than it was a couple of weeks ago, and was likely just seeing a correction of its own while continuing its general trend towards parity with the US dollar. About 780 canola contracts had traded as of 8:49 CST. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:49 CST: |
| Price | Change | ||
| Canola | |||
| May | 387.20 | dn 0.20 | |
| Jul | 392.40 | dn 0.10 | |
| Nov | 395.50 | dn 1.50 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 154.00 | unch | |
