ICE Canola Futures Pressured Down By Strong C$
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| By Phil Franz-Warkentin, Resource News International |
| March 1, 2010 |
| Winnipeg – ICE Canada canola futures were mostly lower Monday morning, pressured by the firmer tone in the Canadian dollar and the calls for a lower start in CBOT soybeans.
Canadian GDP data for the fourth quarter beat expectations, causing the Canadian dollar to strengthen, said an analyst who added that the stronger currency would weigh on canola values. Large global oilseed supplies remain a bearish price influence for canola. Attention is also starting to turn to the 2010 North American growing season. Traders are starting to express some concern that excessive moisture in the US will delay spring seedings, which would lead to less corn and more soybean acres in the US. From a technical standpoint, traders said canola was looking range-bound with no clear signals pointing one way or the other. Malaysian palm oil futures were higher in overnight activity, which could provide some underlying support for canola. Crude oil was also stronger early in the day. About 450 canola contracts had traded as of 8:53 CST. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:53 CST: |
| Price | Change | ||
| Canola | |||
| May | 386.20 | dn 2.40 | |
| Jul | 392.20 | dn 3.00 | |
| Nov | 401.30 | dn 1.50 | |
| Western Barley | |||
| May | 148.00 | unch | |
| Jul | 148.00 | unch | |
