ICE Canola Corrects Lower
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| April 27, 2010 |
| Winnipeg – ICE canola futures were weaker Tuesday morning, seeing a corrective setback from Monday’s gains. Spillover selling from the losses seen in the outside commodity and financial markets also weighed on canola.
Calls for a lower start in the CBOT soy complex were putting some pressure on canola values early in the day, according to traders. Malaysian palm oil and European rapeseed futures were also down in overnight activity. Favourable planting conditions across western Canada were also bearish for canola, as market participants continue to anticipate seeded area well above the already record large 16.9 million acres forecast by Statistics Canada on Monday. Export demand together with a lack of farmer selling was providing some support for canola, according to traders. Concerns about dryness, particularly in parts of Alberta and Saskatchewan, were also helping keep a weather premium in the market. The Canadian dollar was slightly weaker early in the day, lending some further support to canola values. About 2,100 canola contracts had traded as of 8:47 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:47 CDT: |
| Price | Change | ||
| Canola | |||
| May | 381.90 | dn 0.90 | |
| Jul | 389.20 | dn 0.60 | |
| Nov | 392.00 | dn 0.30 | |
| Western Barley | |||
| May | 151.10 | unch | |
| Jul | 145.50 | unch | |
