ICE Canola Lower, Soybeans Weigh
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| March 4, 2010 |
| Winnipeg – ICE Canada canola futures were weaker Thursday morning in thin trade. Calls for a lower start in the CBOT soy complex accounted for some of the selling pressure in canola, according to traders.
Continued strength in the Canadian dollar was cited as another bearish price influence in canola. The currency was holding above 97 US cents early in the day, making Canadian canola more expensive to export customers. Expectations for a large South American soybean crop also put some pressure on canola, as was talk of increased US soybean acres this spring. Technical support levels were holding in canola, limiting the downside, according to an analyst who expected the futures to remain in their rangebound pattern. Malaysian palm oil futures were higher in overnight trade, providing some underlying support for canola. About 230 canola contracts had traded as of 8:48 CST. Western barley futures were untraded and unchanged in overnight activity. Oversold price conditions were expected to be supportive, although ample supplies of competing feed ingredients in western Canada should limit any upside potential, according to traders. Prices in Canadian dollars per metric ton at 8:48 CST: |
| Price | Change | ||
| Canola | |||
| May | 386.30 | dn 1.40 | |
| Jul | 392.00 | dn 1.90 | |
| Nov | 397.30 | dn 2.00 | |
| Western Barley | |||
| May | 145.50 | unch | |
| Jul | 145.50 | unch | |
