ICE Canola Futures Up On Outside Market Strength
| 1 min read
| By Dwayne Klassen, Resource News International |
| March 16, 2009 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading in an unchanged to higher price range as of 9:43 am EDT. Strength in the outside markets generated some of the upward price action seen in canola overnight, market watchers said. Talk of Chinese interest also continued to underpin values.
The e-CBOT soybean complex posted advanced in its overnight session as did Malaysian palm oil and Matif rapeseed values, brokers said. Equity markets were also holding onto gains and helping to stimulate a friendly price atmosphere. Canola futures also found support overnight from the higher calls for CBOT soybean values with the start of the North American day session. The upside in canola will be tempered by losses in global crude oil values overnight and the steady to slightly weaker calls for CBOT soyoil values with the start of the North American day session, traders said. Firmness in the Canadian dollar was also viewed as an undermining price influence. An easing in the cash supply tightness and a drop off in commercial demand was also expected to put some downward pressure on prices, traders said. Large new crop canola prospects also continue to be an undermining price influence as does the pending large South American soybean harvest, brokers said. As of 9:43 am EDT, there were 637 canola contracts traded. At 9:43 am EDT, no western barley contracts had traded with prices unchanged. |
