ICE Canola Futures Down On Carryover Selling, Big Crop
| 1 min read
| By Dwayne Klassen, Resource News International |
| October 5, 2009 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mainly lower price levels as of 9:48 EDT. Followthrough selling from Friday’s lower close helped to put canola on the defensive early. Adding to the declines were the losses seen in the outside oilseeds, market watchers said.
The declines in the E-CBOT soybean complex and in European rapeseed futures helped to spark some selling of canola, brokers said. The lower calls for CBOT soybean and soyoil futures with the start of the North American day session was also an undermining price influence. The large crop prospects for canola and the advanced state of the harvest were undermining price influences as well, traders said. Adding to the price weakness in canola were chart-based speculative sell-orders and some hedge selling by elevator companies based on weekend sales by producers, brokers said. The lack of confirmed fresh export business was also being viewed as a bearish price influence. Firmness in the Canadian dollar in early Monday morning activity and losses in global crude oil futures were also viewed as undermining price factors. Some light support in canola was coming from sentiment that values were due for a bit of an upward correction after recent declines and from the pricing of old export business by commercials, brokers said. As of 9:48 am EDT, there were 1,928 canola contracts traded. As of 9:48 am EDT, no western barley contracts had been traded. |
