ICE Canola Lower with Economic Worries
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| November 16, 2010 |
| Winnipeg – November 16 – Canola contracts on the ICE Canada platform were lower at 08:35 CST, as worries about China’s decision on a monetary policy and the EU’s debt issues were putting downward pressure on the market, analysts said.
Strong losses in the soy complex as well as from Malaysian palm oil and European rapeseed were contributing to canola’s bearish tone. Market watchers said long liquidation from the speculative sector was a theme that was likely to give an unfriendly outlook to canola. After gaining ground on Monday, traders were booking profits in early trading, brokers said. Losses were tempered by a significant decline in the strength of the Canadian dollar, as Canada’s currency was down nearly one full cent early Tuesday. Local and speculative buying interest was also helping to restrict canola’s losses, market watchers said. At 08:35 CST, there had been about 2,300 canola contract traded. Western barley contracts were unchanged and untraded early Tuesday. Prices in Canadian dollars per metric ton at 08:35 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 544.40 | dn 4.20 | |
| Mar | 551.00 | dn 4.60 | |
| Nov | 498.00 | dn 9.00 | |
| Western Barley | |||
| Dec | 180.10 | unchanged | |
| Mar | 185.00 | unchanged | |
