ICE Canola Down On Technical Selling
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| December 22, 2009 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were weaker at 10:49 CST Tuesday, with technical selling the feature. However, trade was light as activity slows down for the holiday period.
A canola trader said most of the weakness in canola was technical in nature, with prices moving below some nearby chart support levels. Year-end fund long-liquidation was also noted. A firmer tone in the Canadian dollar also weighed on canola values, as did a turn lower in the CBOT soy complex. Exporters were scale-down buyers, limiting the losses in canola, according to the trader. However, he said the crushers were mostly on the sidelines "sitting on their hands." Farmer sales were also on the light side, keeping the declines subdued in canola. At 10:49 CST, about 4,700 canola contracts had changed hands. The January/March spread was only a minor feature. Western barley futures were untraded and unchanged at midsession. ICE Futures Canada will be closed on December 25 and December 28 for Christmas and Boxing Day. The market will close early on December 24. Prices in Canadian dollars per metric ton at 10:49 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 399.20 | dn 1.80 | |
| Mar | 405.80 | dn 2.40 | |
| May | 412.10 | dn 2.80 | |
| Western Barley | |||
| Jan | 161.00 | unch | |
| Mar | 155.00 | unch | |
