ICE Canola Lower with Soybeans
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 30, 2010 |
| Winnipeg – September 30 – Canola contracts on the ICE Canada platform were trading lower at 10:40 CDT Thursday, as sharp losses in Chicago followed through to canola, analysts said.
Soybeans on the CBOT were lower, following sell-off from both wheat and corn. Market watchers said the stronger Canadian dollar was a factor in canola’s bearish tone as well. Analysts said losses were tempered by market participants awaiting Monday’s Statistics Canada Production report, with large changes expected in canola’s acreage. Traders were also less aggressive as they wait to see yield results, as well as how the quality ends up fairing. Farmer hedges were the dominant selling theme to midsession, with mostly routine export business. Fund rolling from November to January was also a factor, analysts said. At 10:40 CDT, there had been about 9,500 canola contracts traded on the ICE futures Canada platform, with about 5,900 of those tied to spreading. Western barley futures were unchanged and untraded to midsession. Prices in Canadian dollars in metric tons at 10:40 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 473.20 | dn 2.90 | |
| Jan | 480.50 | dn 2.60 | |
| Mar | 486.20 | dn 2.60 | |
| Western Barley | |||
| Oct | 179.00 | unch | |
| Dec | 184.90 | unch | |
