ICE Canola Lower with Debt Fears
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| December 17, 2010 |
| Winnipeg – December 17 – ICE Canola futures on the ICE Canada platform were lower at 08:30 CST Friday, as renewed concerns about the European debt situation had the market on the defensive, analysts said.
Overnight losses in Malaysian palm oil, European rapeseed, and CBOT soybeans contributed to the decline of values, market watchers said. Profit taking was a common theme – as it often is this time of year – with traders liquidating contracts ahead of the holiday season, brokers said. Demand is also likely to wane throughout the Christmas season. Losses were limited by continued strong demand from domestic crushers, analysts said. Also providing some support was the Canadian dollar, which about a tenth of a cent stronger early Friday, market watchers said. At 08:30 CST, there had been about 6,200 canola contracts traded. Western barley contracts were unchanged and untraded early Friday. Prices in Canadian dollars per metric ton at 08:30 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 555.00 | dn 5.30 | |
| Mar | 565.00 | dn 3.40 | |
| Nov | 511.30 | dn 5.40 | |
| Western Barley | |||
| Mar | 194.00 | unchanged | |
| May | 194.00 | unchanged | |
