ICE Canola Down On Bearish Technicals, Buyers Backing Away
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| May 13, 2010 |
| Winnipeg – ICE Canada canola futures were weaker Thursday morning, as the buying interest that helped take the market off its recent contract lows on Wednesday eroded in overnight activity, according to traders.
Bearish technical signals, the firm Canadian dollar, and forecasts calling for favourable planting weather across the Prairies, all weighed on canola values. Calls for a slightly weaker start in CBOT soybeans, along with overnight declines in Malaysian palm oil, were also accounting for some of the selling interest. A lack of farmer hedges, as producers turn their attention to spring fieldwork, should help limit any declines, according to traders. Scale-down exporter and domestic crusher ‘bargain- hunting’ was also expected to provide some underlying support. About 460 canola contracts had traded as of 8:39 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:39 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 378.70 | dn 1.50 | |
| Nov | 382.50 | dn 1.30 | |
| Jan | 387.50 | dn 0.90 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
