ICE Canola Edges Higher, Recovering From Recent Losses
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| By Phil Franz-Warkentin, Resource News International |
| March 19, 2010 |
| Winnipeg – ICE Canada canola futures were posting modest gains Friday morning, seeing a recovery after Thursday’s declines. Calls for a firmer start in the CBOT soy complex were also supportive.
Malaysian palm oil futures were higher in overnight activity, helping underpin the canola market. Talk of potential disruptions to South American soybean exports was also supportive. While an analyst said the canola market was due for a corrective bounce, he added that activity could turn mixed with the strong Canadian dollar tempering the upside. The currency was trading back above 99 US cents on Friday, which cuts into both export demand and domestic crusher margins. The large South American soybean crop that will eventually be exported and expectations for an increase in North American oilseed acres also remained bearish for canola values, according to traders. About 550 canola contracts had traded as of 8:58 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:58 CDT: |
| Price | Change | ||
| Canola | |||
| May | 378.30 | up 0.70 | |
| Jul | 383.40 | up 0.30 | |
| Nov | 385.50 | up 0.40 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.00 | unch | |
