ICE Canola Corrects Higher
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| May 12, 2010 |
| Winnipeg – ICE Canada canola futures were stronger Wednesday morning. The market was looking oversold and saw a correction off of the lows set earlier in the week, according to market participants.
An analyst said calls for a firmer start in CBOT soybeans were providing some spillover buying incentive in canola, helping encourage the correction higher. The recent weakness in canola was also encouraging some exporter and domestic crusher pricing, according to traders. However, the upside was limited by the improving weather conditions across western Canada. With forecasts calling for warm, dry weather over the next week, producers should be able to get back on the fields planting what could be a record large canola crop. Continued strength in the Canadian dollar, which was up another half cent relative to its US counterpart Wednesday morning, also put some pressure on canola prices. About 850 canola contracts had traded as of 8:46 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:46 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 377.30 | up 0.90 | |
| Nov | 381.50 | up 1.30 | |
| Jan | 387.50 | up 2.50 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
