ICE Canola Lower with Strong Canadian Dollar
| 1 min read
By Brent Harder
| By Brent Harder, Commodity News Service Canada |
| January 6, 2011 |
| Winnipeg – January 6 – Canola contracts on the ICE Canada platform were mostly lower at 08:35 CST Thursday in light trade, as the Canadian dollar continued to push stronger, trading another quarter of a cent higher. The strong Canadian currency was deflecting export business, analysts said.
Slight declines by e-CBOT soybeans overnight also added a bearish tone to values. Early calls for CBOT soybeans are lower. Also lowering prices were forecasts for rain in Argentina’s soy growing regions, although traders noted it’s expected more precipitation will be needed than what is being predicted. Experts expect the market to be mostly flat up until the next USDA crop report, which will be released on January 12. Losses were tempered by slight overnight gains made by both Malaysian palm oil and European rapeseed, as well as a strong vegetable oil market, analysts said. Also providing support to values was renewed demand from domestic processors, especially as crush margins have again taken a turn for the better, market watchers said. At 08:35 CST, there had been about 550 canola contracts traded. Western barley futures were unchanged and untraded early Thursday. Prices in Canadian dollars per metric ton at 08:35 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 588.00 | dn 1.10 | |
| May | 594.50 | dn 0.40 | |
| Nov | 533.00 | up 0.80 | |
| Western Barley | |||
| Mar | 194.00 | unchanged | |
| May | 194.00 | unchanged | |
