ICE Canola Futures Up On Overseas Oilseeds
| 1 min read
| By Dwayne Klassen, Commodity News Service Canada |
| November 19, 2010 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at steady to fractionally firmer price levels at 9:28 EDT. Gains overnight in the outside oilseed markets and steady domestic crusher demand provided some of the upward price momentum, market watchers said.
Small gains were made overnight in e-CBOT soybeans, as well as in Malaysian palm oil and European rapeseed futures. Higher calls for CBOT soybean futures with the start of the North American day session also helped to prompt some buying interest in canola, brokers said. The lack of elevator company hedge selling was an underpinning price influence as was the pricing of old export business by commercial accounts. The upside in canola was being limited by the continued uptrend in the value of the Canadian dollar. The absence of fresh, confirmed, export business was also an undermining price influence. Sentiment that canola yields in western Canada were much higher than anticipated also generated a bearish price atmosphere, traders said. Sentiment that canola futures remain overbought and were in need of a downward correction also kept the gains in check. As of 9:26 EDT, there were 872 canola contracts traded. As of 9:26 EDT, no western barley contracts had been traded.
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