ICE Canola Lower Following Soybeans
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| June 15, 2009 |
| Winnipeg – Canola contracts traded on ICE Futures Canada were lower in overnight activity, as losses in the outside equity and commodity markets spilled over to weigh on the futures.
With the CBOT soy complex expected to start the North American session on the defensive, traders said canola should continue to see some spillover selling pressure. The charts are also looking a little weaker for canola, which creates some additional technical selling in the market, according to traders. Sharp weakness in the Canadian dollar, which was down nearly a cent compared to its US counterpart early in the day, should provide some support for canola. Ongoing weather concerns in parts of the Canadian Prairies will also remain a supportive price influence, although traders didn’t think the crop problems were large enough at this early stage to lead to any significant uptrend. Roughly 2,400 canola contracts had traded by 8:52 CDT, with spreading between the July and November contracts a minor feature. Western barley futures were unchanged and untraded in overnight activity. Prices in Canadian dollars per metric ton at 8:52 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 465.40 | dn 7.60 | |
| Nov | 466.00 | dn 7.60 | |
| Jan | 477.70 | unch | |
| Western Barley | |||
| Jul | 163.40 | unch | |
| Oct | 179.40 | unch | |
