ICE Canola Gains Strength on Weather Concerns
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 15, 2010 |
| Winnipeg – September 15 – Canola contracts on the ICE Futures Canada platform were trading at steady to higher price levels at 10:40 CDT, as market watchers said harvest delays and worries about cold weather were the key factors in canola’s bullish move.
Weather forecasts show a significant frost could hit the Canadian prairies later this week, while rain showers are also expected, which will further delay harvest operations. Strength from soybeans in Chicago added to canola’s friendly price tone, analysts said. Experts said the upside in canola was being tempered by the large old crop supply in western Canada, and the need for the market take in those supplies. A trader said most of the purchasing that was going on at midsession was fund buying. At 10:40 CDT, there had been about 5,300 canola contracts traded on the ICE Canada platform. Of those, about 2,600 were spread related. Western barley futures were unchanged and untraded to midsession. Price in Canadian dollars per metric ton at 10:40 CDT |
| Price | Change | ||
| Canola | |||
| Nov | 462.70 | up 2.10 | |
| Jan | 467.00 | up 1.90 | |
| Mar | 472.70 | up 3.70 | |
| Western Barley | |||
| Oct | 170.00 | unchanged | |
| Dec | 180.00 | unchanged | |
