ICE Canola Futures Gain In Catch Up Game With CBOT Soybeans
| 1 min read
| By Dwayne Klassen, Resource News International |
| August 3, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at higher levels at 9:28 EDT. Some of the upward price action in canola was reflective of the advances seen in CBOT soybeans and soyoil on Monday, when ICE Futures Canada was closed for a holiday, market watchers said.
The rally seen in CBOT wheat, tied to the Russian drought situation, also fueled some of the price advances. Ongoing concerns about weather in western Canada and tight nearby canola supplies helped to keep a firm floor under values, brokers said. Steady demand from the domestic sector was an underpinning price influence. The pricing of old export business also provided some of the upward price momentum, traders said. The upside in canola was being limited by the losses seen in e-CBOT soybean futures overnight and the lower calls for CBOT soybeans with the start of the North American day session. Losses overnight in Malaysian palm oil and European rapeseed futures also was helping to limit the upside in canola. Firmness in the Canadian dollar early Tuesday was also helping to restrict the price advances in canola. Technical resistance was also coming forward, brokers said. As of 9:28 EDT, there were 2,821 canola contracts traded. As of 9:28 EDT, no western barley contracts had been traded. |
