ICE Canola Higher on Strong Demand
| 1 min read
By Brent Harder
| By Brent Harder, Resource News International |
| October 21, 2010 |
| Winnipeg – October 21 – Canola contracts on the ICE Canada platform were trading at higher levels at 08:40 CDT Thursday, as demand has been strong with canola in a favorable price range compared to other oil seeds, analysts said. Most of this demand was from the domestic crush sector.
Furthering canola’s advances were higher prices in the CBOT soy complex. Malaysian palm oil and European rape seed also posted gains overnight, adding to the market’s bullish tone, market watchers said. The Canadian dollar’s renewed strength was tempering canola’s gains early Thursday, as Canada’s currency continued to rebound from sharp losses on Tuesday, analysts said. Profit-taking was also a popular theme limiting advances in canola. Sentiment that canola was reaching overbought price levels was also tempering some of the buying interest, experts said. At 08:35 CDT, there had been about 2,300 canola contracts traded. Western barley contracts were unchanged and untraded in early trading. Prices in Canadian dollars per metric ton at 08:35 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 515.40 | up 1.50 | |
| Jan | 523.00 | up 1.30 | |
| Mar | 531.10 | up 2.40 | |
| Western Barley | |||
| Dec | 180.00 | unchanged | |
| Mar | 185.00 | unchanged | |
