ICE Canola Firm, But Cautious Ahead Of StatsCan
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| By Phil Franz-Warkentin, Resource News International |
| August 19, 2010 |
| Winnipeg – ICE Canada canola futures were higher Thursday morning, seeing a slight recovery off of the losses posted the previous session.
The Canadian dollar was weaker Thursday morning, adding to the firmer tone in canola. Calls for a steady to firmer start to the CBOT complex were also providing some underlying support to canola. However, Malaysian palm oil futures were mostly lower in overnight trade. Traders said positioning ahead of Friday’s production report from Statistics Canada was likely to be the feature on Thursday. The production data will be based on a survey conducted in late July, and traders said the actual size of the crop will likely end up larger than Friday’s estimate as conditions have generally been favourable for development in August. There are still areas of concern for the canola crop across western Canada, providing some underlying support for the market. However, with the harvest now moving forward across the Prairies, traders said the nearby upside may be limited. About 760 canola contracts had traded as of 8:34 CDT. Western barley futures were untraded and unchanged. Prices in Canadian dollars per metric ton at 8:34 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 462.00 | up 2.30 | |
| Jan | 465.10 | up 1.70 | |
| Mar | 463.60 | unch | |
| Western Barley | |||
| Oct | 168.00 | unch | |
| Dec | 182.00 | unch | |
