ICE Canola Follows Outside Markets Higher, But C$ Weighs
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| April 29, 2010 |
| Winnipeg – ICE canola futures were higher Thursday morning, finding some spillover support from the firmer tone seen in soybeans and crude oil, said traders.
Calls for a firmer start in the CBOT soy complex were accounting for some of the buying interest in canola, with exporters and domestic crushers both showing some demand, according to traders. Slow farmer selling, as producers remain busy with spring field-work, was also cited as a supportive price influence. The upside in canola was limited by the strong Canadian dollar, which was once again nearing parity with its US counterpart. The expectations for a record large Canadian canola crop also continued to overhang the market, especially as most areas of the Prairies are forecast to see some beneficial moisture over the next few days. Malaysian palm oil futures were lower in overnight trade, putting some further pressure on canola values. About 950 canola contracts had traded as of 8:45 CDT. Spreading was a minor feature as participants move the last of their positions out of the nearby May contract. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:45 CDT: |
| Price | Change | ||
| Canola | |||
| May | 383.60 | up 2.30 | |
| Jul | 389.00 | up 0.80 | |
| Nov | 391.20 | up 0.60 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
