ICE Canola Futures Climb As Outside Oilseeds Gain
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 24, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mainly higher levels at 09:23 EST. Support in canola was derived from the advances seen in the outside oilseed markets, industry watchers said.
Gains were seen overnight in e-CBOT soybeans, Malaysian palm oil and European rapeseed futures, brokers said. Adding to some of the buying interest in canola were the higher calls for CBOT soybean and soyoil values with the start of the North American day session. Activity in canola was expected to be choppy, especially ahead of the closure of the US markets on Thursday in observance of the US Thanksgiving holiday. Some support to markets in general this morning was also being associated with an easing in military tension between North and South Korea, traders said. Some support in canola was also being tied to ideas values are oversold and in need of an upward correction. Good domestic demand under the market was also providing canola with a firm price floor to work with, brokers said. Some pricing of old export business by commercial accounts were also generating some support for canola. An upturn in the value of the Canadian dollar early Wednesday was restricting some of the upward price action in canola, traders said. Nervous commodity fund long position holders also were an undermining price influence. As of 9:23 EST, there were 1,763 canola contracts traded. As of 9:23 EST, no western barley contracts had been traded.
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