ICE Canola Consolidating Slightly Higher
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Feb. 25, 2011 |
| Winnipeg – ICE Canada canola futures were mostly higher Friday morning as the market attempted some consolidation after seeing wide price swings over the week.
Calls for a steady start to the North American session for the CBOT soy complex, along with overnight advances in Malaysian palm oil and European rapeseed futures, were lending some spillover support to canola, according to traders. The tightening supply situation and the need to buy enough acres this spring helped underpin canola as well, especially as wet conditions across much of western Canada are leading to concerns that the excessive moisture may limit some canola plantings. The stronger Canadian dollar tempered the upside in canola, as a firmer currency cuts into crush margins and makes canola less attractive to export customers. Generally favourable conditions for the South American soybean crop also weighed on values, as did a shift to the downside in the technical outlook over the past week. About 600 canola contracts had traded as of 8:30 CST. Western barley futures were untraded and unchanged Friday morning. Prices in Canadian dollars per metric ton at 8:30 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 566.00 | up 0.60 | |
| May | 575.00 | up 0.80 | |
| Nov | 561.00 | up 0.70 | |
| Western Barley | |||
| May | 205.00 | unch | |
| Oct | 195.00 | unch | |
