ICE Canola Higher Ahead of Year-End
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| December 31, 2010 |
| Winnipeg – December 31 – Canola contracts on the ICE Canada platform were higher at 08:30 CST Friday in light holiday trade, as outside markets including e-CBOT soybeans, Malaysian palm oil, and European rapeseed all ticked higher in overnight activity, analysts said.
Continued dry conditions in Argentina have diminished expectations of the country’s soybean crop, which aided to canola’s bullish behavior, experts said. Steady demand from domestic crushers has been a friendly influence, providing a solid floor for values, market watchers said. Farmer selling has been very light, as most producers have moved to the sidelines during the holiday season, and will renew marketing their product in 2011. In observance of New Year’s Day, ICE Canada will close early on Friday, December 31, 2010, and be closed on Monday, January 3, 2011. Advances were limited by profit taking, with many traders closing out positions ahead of 2011, experts said. The Canadian dollar was about a tenth of a cent stronger than at Thursday’s close, which was also tempering canola’s advances, experts said. At 08:30 CST, there had been about 700 canola contracts traded. Western barley futures were unchanged and untraded early Friday. Prices in Canadian dollars per metric ton at 08:30 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 580.00 | up 5.40 | |
| Mar | 588.00 | up 4.20 | |
| Nov | 532.00 | up 6.00 | |
| Western Barley | |||
| Mar | 194.00 | unchanged | |
| May | 194.00 | unchanged | |
