ICE Canola Follows Outside Oilseeds Higher
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Jan. 24, 2011 |
| Winnipeg – ICE Canada canola futures were stronger Monday morning, finding some spill-over support from the outside oilseed markets amid a lack of any significant fresh news.
Overnight advances in Malaysian palm oil and European rapeseed futures, along with calls for a firmer start to the North American session for the CBOT soy complex, were supportive for canola, according to traders. Solid domestic crusher and routine exporter demand was said to be underpinning the canola market, while generally bullish technical outlook kept some speculative interest in the futures, said traders. However, improving prospects for the soybean crop in Argentina did temper the upside in the global oilseeds, including canola. Scale-up farmer selling was also tempering the advances in canola, with warmer weather conditions across western Canada expected to encourage an increase in elevator deliveries. The Canadian dollar was slightly weaker Monday morning, but still holding above parity with its US counterpart. About 2,500 canola contracts had traded as of 8:32 CST. Western barley futures were untraded and unchanged Monday morning. Prices in Canadian dollars per metric ton at 8:32 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 604.10 | up 2.50 | |
| May | 612.60 | up 2.80 | |
| Nov | 567.70 | up 1.10 | |
| Western Barley | |||
| Mar | 194.00 | unch | |
| May | 200.00 | unch | |
