ICE Canola Firm, Catching Up To Soybeans
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| By Phil Franz-Warkentin, Resource News International |
| July 2, 2010 |
| Winnipeg – ICE Canada canola futures were higher Friday morning, as the market was said to be "playing catch-up" with CBOT soybeans which were higher on Thursday while the Canadian markets were closed for Canada Day, according to traders.
With soybeans being called slightly firmer to start once again, traders said canola had some room to the upside. However, soyoil was weaker on Thursday, which may limit the advances in canola. The Canadian dollar was slightly weaker Friday morning, helping underpin canola values. Ongoing concerns about lost acres and excessive moisture in western Canada should also provide some support for canola. However, forecasts are calling for more favourable weather across the Canadian Prairies, which should help the yield potential for the crop. Activity was expected to be light and choppy on Friday, with many participants opting to take an extended long-weekend following Thursday’s Canada Day closure. US markets will be closed Monday for Independence Day, likely keeping trade in that market on the quiet side as well. About 585 canola contracts had traded as of 8:44 CDT. Western barley futures were untraded and unchanged early in the day. Prices in Canadian dollars per metric ton at 8:44 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 421.40 | up 4.60 | |
| Jan | 418.00 | unch | |
| Mar | 416.30 | unch | |
| Western Barley | |||
| Oct | 152.50 | unch | |
| Dec | 152.50 | unch | |
