ICE Canola Correcting Slightly Lower
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Oct. 17, 2011 |
| Winnipeg – ICE Canada canola futures were weaker Monday morning, seeing a correction from the gains posted last week after trading to both sides of unchanged in overnight activity.
Calls for a lower start to the North American session for CBOT soybeans accounted for some of the spill-over selling in the lightly traded canola market, according to traders. While there could still be some more room to the upside in the recent short-covering bounce, the longer-term outlook remains bearish and any attempts to move much higher could be seen as selling opportunities by speculators, said market participants. However, the downside was limited by solid end user demand and a lack of significant farmer selling, according to traders. Domestic crushers were said to be showing good demand recently, as crush margins have shown some improvement. A slightly weaker tone in the Canadian dollar also provided some support for canola. About 2,200 canola contracts had traded as of 8:37 CDT. Western barley futures were untraded and unchanged Monday morning. Prices in Canadian dollars per metric ton at 8:37 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 536.60 | dn 1.40 | |
| Jan | 547.10 | dn 1.10 | |
| Mar | 555.80 | dn 1.60 | |
| Western Barley | |||
| Dec | 215.00 | unch | |
| Mar | 220.00 | unch | |
