ICE Canola Down On Technical Weakness
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| By Phil Franz-Warkentin, Resource News International |
| February 1, 2010 |
| Winnipeg – ICE Canada canola futures were lower Monday morning, as technical selling pressure, ample supplies and only routine demand keep the bias to the downside, said traders.
With no real fresh supportive news to underpin the market, an analyst said canola was seeing some follow-through selling from the previous week’s losses. The March contract dropped below nearby technical support in the overnight session, hitting fresh contract lows, before eventually seeing a slight recovery off of those lows. The Canadian dollar was slightly firmer early in the day, putting some further pressure on canola values. CBOT soybean futures were being called narrowly mixed to start the North American session, and the direction the US futures eventually take could influence the canola market, said an analyst. Large South American soybean supplies were expected to weigh on oilseed values. Meanwhile, gains in outside markets, such as crude oil and gold, should provide some support. Malaysian palm oil futures were untraded in overnight activity, with the market closed for a public holiday. About 965 canola contracts had traded as of 8:46 CST. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:46 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 374.10 | dn 1.70 | |
| May | 381.40 | dn 1.10 | |
| Jul | 387.70 | unch | |
| Western Barley | |||
| Mar | 148.00 | unch | |
| May | 153.00 | unch | |
