ICE Canola Futures Ease As Outside Oilseeds Stumble
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 23, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mainly lower levels with declines in the outside oilseed markets overnight associated with some of the downward price action experienced by canola, market watchers said.
Losses were posted in e-CBOT soybeans overnight as well as in Malaysian palm oil and European rapeseed futures, brokers said. Lower calls for CBOT soybean and soyoil futures with the start of the North American day session also encouraged some of the price weakness in canola. The absence of fresh export demand was aiding the price declines in canola as was light speculative long liquidation spurred on by concerns about the euro-zone financial situation, traders said. Underlying support in canola, however, came from steady domestic crusher demand. The pricing of some old export business was an underpinning price influence. Discrepancies over how much canola is left on farm in western Canada was a factor linked to the volatile activity. As of 9:38 EST, there were 482 canola contracts traded. As of 9:38 EST, no western barley contracts had been traded.
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