ICE Canola Hits Fresh Contract Highs On End User Demand
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Jan. 19, 2011 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were stronger at 10:32 CST Wednesday, hitting fresh contract highs as exporter and domestic crusher buying provided support.
A commission house broker said solid crush margins were encouraging some domestic crusher pricing in the canola market. He said fresh export business was also propping up the canola market, with Dubai rumored to be making some purchases. A slightly weaker tone in the Canadian dollar provided further support for canola, as did the gains in the CBOT soy complex, according to the broker. Some speculative buying was also noted as prices hit fresh contract highs, although the broker said the funds were relatively quiet on the day. Scale-up farmer selling tempered the upside in canola, with producers taking advantage of the rising prices, according to the broker. At 10:32 CST, about 6,500 canola contracts had changed hands with the March/May spread accounting for about 1,300 of the contracts traded. Western barley futures were untraded and unchanged at midsession. Prices in Canadian dollars per metric ton at 10:32 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 605.60 | up 5.80 | |
| May | 613.30 | up 5.60 | |
| Nov | 571.00 | up 7.10 | |
| Western Barley | |||
| Mar | 194.00 | unch | |
| May | 200.00 | unch | |
