ICE Canola Down, C$ Weighs
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| May 10, 2010 |
| Winnipeg – ICE Canada canola futures were weaker Monday morning, despite the widespread gains seen in most other agricultural commodity markets.
News that the European Union had agreed to a bailout plan for Greece over the weekend was helping give a boost to most commodity markets in overnight trade, including soybeans. However, the activity in the outside financial markets also resulted in a sharp increase for the Canadian dollar relative to its US counterpart. The currency was up by more than 2 cents early in the day, which weighed on canola. Statistics Canada released its Canadian grain stocks, as of March 31, 2010, report Monday morning. Canola stocks in all positions of 5.438 million tons were well below the 6.149 million at the same point the previous year. While the tighter supplies could be seen as supportive for canola, traders said the market was largely focussed on the activity in the outside financial markets on Monday. Weather conditions across western Canada were seen as mixed for the canola market. While cool, wet weather has delayed some spring seeding, the improved moisture levels should bode well for yields later on. About 220 canola contracts had traded as of 8:54 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:54 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 385.20 | dn 2.80 | |
| Nov | 388.10 | dn 2.30 | |
| Jan | 393.00 | dn 1.50 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
