ICE Canola Holding Steady in Narrow Range
| October 18, 2010 |
| Winnipeg – October 18 – Canola contracts on the ICE Canada platform were trading at mostly steady levels in a very narrow range at 8:35 CDT Monday, as CBOT soybean, Malaysian palm oil, and European rapeseed futures were also seeing mostly steady levels.
Producers across the Canadian Prairies are nearing the conclusion of their canola harvest, and the stronger than expected yields provided some bearish pressure on the market, analysts said. Market watchers said the good crops have also lead to plenty of producer selling, which in turn has sparked some aggressive hedge selling from grain companies. After briefly hitting parity with its US counterpart last week, the Canadian dollar was sharply lower early Monday, which provided some upward pressure for canola. Soyoil prices remain strong, and although there are some reports of the vegetable market being overbought, experts feel it may still go higher, which could provide canola with some support. At 08:35 CDT, there had been about 1,700 canola contracts traded. Western barley futures were unchanged and untraded early Monday. Prices in Canadian dollars per metric ton at 8:35 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 498.30 | dn 0.10 | |
| Jan | 507.00 | up 0.10 | |
| Mar | 514.80 | up 0.10 | |
| Western Barley | |||
| Dec | 180.00 | unch | |
| Mar | 185.00 | unch | |
