ICE Canola Higher On Export Demand
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| September 22, 2009 |
| Winnipeg – Canola contracts traded on the ICE Canada platform were steady to higher at 10:43 CDT Tuesday. Export demand provided some support, while increasing farmer sales limited the upside, according to traders.
China was believed to be in the market pricing some canola business, according to a trader who thought most of the buying was taking place around the C$385 per ton level in the November contract. The trader said gains in CBOT soyoil were helping crush margins improve, which provided some additional support for canola. However, farmers were good sellers on the day, as the harvest continues to move forward across western Canada and yields are coming in better-than-expected, said the trader. A stronger tone in the Canadian dollar was also serving to limit the upside potential in canola, as were the losses seen in CBOT soybeans. At 10:43 CDT, about 5,800 canola contracts had changed hands. Spreading was a feature of the activity, accounting for nearly half of the volume. Western barley futures were untraded at midsession. Prices in Canadian dollars per metric ton at 10:43 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 385.30 | up 1.40 | |
| Jan | 389.80 | up 1.00 | |
| Mar | 390.90 | unch | |
| Western Barley | |||
| Oct | 120.00 | unch | |
| Nov | 150.50 | unch | |
