ICE Canola Higher with Strong Demand
| 1 min read
By Brent Harder
| By Brent Harder, Commodity News Service Canada |
| June 2, 2011 |
| Winnipeg – June 2 – Canola contracts on the ICE Canada platform were higher at 08:35 CDT, with a pick-up in both export and domestic demand underpinning the market, analysts said.
Market watchers said farmer deliveries have been slow of late, which added to the friendly tone. Seeding delays across the eastern part of the Canadian prairies was another supportive feature of the trade. Many farmers in Manitoba and Saskatchewan have said their intended canola acres will not go in the ground because of excess moisture, experts said. One Winnipeg-based analyst believes of the 19.13 million canola acres projected by Statistics Canada to go in the ground, 10% may not get planted. A weaker Canadian dollar also added to the strength of the market, brokers said. Advances were tempered by chart resistance, with the nearby July contract approaching the C$600/ton level, analysts said. Overnight losses by European rapeseed, in the wake of improving crop conditions, was another factor restricting the market’s advances, brokers said. At 08:35 CDT, there had been about 3,600 canola contracts traded. Western barley futures were unchanged and untraded early Thursday. Prices in Canadian dollars per metric ton at 08:35 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 594.80 | up 3.90 | |
| Nov | 598.70 | up 4.10 | |
| Jan | 607.00 | up 4.60 | |
| Western Barley | |||
| Jul | 205.00 | unchanged | |
| Oct | 205.00 | unchanged | |
