ICE Canola Edges Higher In Mixed Trade
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| September 15, 2009 |
| Winnipeg – ICE Canada canola futures traded to both sides of unchanged in overnight activity, with the most active November contract posting modest gains early Tuesday morning.
Traders said there was a mixed tone to the canola market, which could limit prices from moving too far one way or the other as the session progresses. Calls for a slightly higher start in CBOT soybeans, along with the firmer tone seen overnight in Malaysian palm oil and European rapeseed futures, should provide some early support for canola, according to traders. A lack of farmer selling should also help underpin canola, as producers remain busy with the harvest in western Canada and have not been delivering. On the other side, the generally favourable weather conditions across western Canada, with no risk of frost in the immediate forecasts, should remain a bearish price influence, said traders. Canola was also looking weak from a technical standpoint, according to an analyst who placed nearby support in the November contract at C$388 per metric ton. On the other side, he thought the C$400 per ton level would provide psychological resistance. About 900 canola contracts had traded as of 8:47 CDT. Western barley futures were unchanged and untraded in overnight activity. Prices in Canadian dollars per metric ton at 8:47 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 395.20 | up 1.10 | |
| Jan | 397.80 | unch | |
| Mar | 399.30 | unch | |
| Western Barley | |||
| Oct | 115.30 | unch | |
| Nov | 145.00 | unch | |
