ICE Canola Higher Following Outside Markets
| 1 min read
|
|
| By Phil Franz-Warkentin, Resource News International |
| July 29, 2010 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were stronger at 10:36 CDT Thursday, with gains in the outside oilseed markets providing some underlying support.
A commission house trader said advances in European rapeseed, Malaysian palm oil, and CBOT soybeans were all spilling over to pull the canola market higher on Thursday. He said the light volumes in canola were likely exaggerating the move. The trader said crop conditions across western Canada were still "all over the map." However, he noted that the crops have stabilized for the most part and were generally showing some improvement. A firmer tone in the Canadian dollar did temper the upside in canola, although the currency was moving off its highs by midsession. Commercials were on both sides of the market, according to traders. While farmer selling has backed away from earlier in the week, steady hedges did limit the upside, market participants added. At 10:36 CDT, about 3,750 canola contracts had changed hands, with intermonth spreading only a small feature. Western barley futures were untraded and unchanged. Prices in Canadian dollars per metric ton at 10:36 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 455.20 | up 4.10 | |
| Jan | 457.40 | up 4.00 | |
| Mar | 457.00 | up 5.20 | |
| Western Barley | |||
| Oct | 156.50 | unch | |
| Dec | 156.50 | unch | |
