ICE Canola Consolidates In Tight Range
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| By Phil Franz-Warkentin, Resource News International |
| March 5, 2010 |
| Winnipeg – ICE Canada canola futures were narrowly mixed Friday morning, as the market experienced some consolidation after Thursday’s sharp declines. Traders were said to be adopting a cautious tone ahead of the weekend, with little fresh fundamental news to provide direction.
Calls for a firmer start in the CBOT soy complex were providing some underlying support for canola, although traders noted that soybeans were also likely to hold within a tight range ahead of the weekend. The Canadian dollar was firmer once again Friday morning, tempering the upside in canola. Expectations for increased North American soybean and canola acres, along with the record large South American soybean crop currently being harvested, also continued to overhang the market, according to traders. About 452 canola contracts had traded as of 8:52 CST. Western barley futures were steady to higher in overnight activity, with 10 contracts traded. Prices in Canadian dollars per metric ton at 8:52 CST: |
| Price | Change | ||
| Canola | |||
| May | 381.00 | up 0.20 | |
| Jul | 386.60 | dn 0.20 | |
| Nov | 393.30 | up 0.30 | |
| Western Barley | |||
| May | 145.50 | unch | |
| Jul | 145.50 | unch | |
