ICE Canola Edges Up On Lack Of Farmer Selling
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Dec. 6, 2010 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were mostly firmer at 10:45 CST Monday, as a lack of farmer selling pressure helped underpin the market, according to traders. Canola also found some support from the advances seen in other international oilseed markets.
A Winnipeg-based canola broker said solid gains in the European rapeseed market, along with overnight advances in Malaysian palm oil, were helping keep canola well supported. He said a lack of significant farmer selling added to the upside, as producers were generally holding out for better values still. Weakness in the Canadian dollar was also supportive for canola, helping crush margins improve. However, aside from routine pricing, there was no fresh exporter or domestic crusher buying coming forward, said traders. Losses in Chicago soybeans also tempered the upside in canola, with some scale-up commercial hedges coming forward, said a broker. The market was also still digesting Friday’s Statistics Canada production report, which said the country’s canola crop was larger than most analysts had anticipated. At 10:45 CST, about 8,700 canola contracts had changed hands, with spreading a small feature. Western barley futures were untraded and unchanged at midsession. Prices in Canadian dollars per metric ton at 10:45 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 555.00 | up 1.70 | |
| Mar | 561.80 | up 2.30 | |
| Nov | 511.00 | dn 6.00 | |
| Western Barley | |||
| Mar | 194.00 | unch | |
| May | 194.00 | unch | |
