ICE Canola Down Following Outside Markets
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| By Phil Franz-Warkentin, Resource News International |
| March 18, 2010 |
| Winnipeg – ICE Canada canola futures were down Thursday morning, taking some direction from the losses seen in e-cbot soybeans in overnight trade as both markets were said to be seeing a correction after Wednesday’s move higher.
Malaysian palm oil and European rapeseed futures were also down in overnight activity, putting some further pressure on canola. Losses in crude oil were also causing some spillover selling in the oilseeds. The large South American soybean crop and expectations for an increase in North American oilseed acres remained bearish for canola values, according to traders. The Canadian dollar was holding steady Thursday morning, providing little direction for canola. However, the currency was above 99 US cents, and traders were generally of the opinion that the move above parity with its US counterpart was now only a matter of time. Exporter and domestic crusher buying helped limit the downside in canola, according to traders. Talk of potential disruptions to South American soybean exports also provided some support. About 520 canola contracts had traded as of 8:54 CDT. Western barley futures were untraded and uncha5ged in overnight activity. Prices in Canadian dollars per metric ton at 8:54 CDT: |
| Price | Change | ||
| Canola | |||
| May | 378.00 | dn 3.20 | |
| Jul | 382.90 | dn 3.80 | |
| Nov | 384.80 | dn 3.80 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 154.00 | unch | |
