ICE Canola Mainly Higher In Thin Trade
| 1 min read
| By Alana Vannahme, Resource News International |
| March 6, 2009 |
| Winnipeg – Canola futures on the ICE Canada platform were mainly higher as of 11:09 CST on Friday. Much of the strength in canola was tied to commercial buying and the tightness in cash pipeline supplies, traders said.
The reluctance of farmers to sell canola was also fuelling some of the gains in the market. CBOT soybean and soyoil futures were posting small gains on Friday, which was providing additional support for canola contracts as well, market watchers said. Early gains had also been encouraged by the strength in crude oil futures but they have since seen their advances trimmed, brokers said. Higher equity markets had also been underpinning prices but that sector saw its gains pared as well. The Canadian dollar, meanwhile, was fractionally higher versus the US dollar and was a minor undermining price feature at best, brokers said. Volumes in canola were thin ahead of the weekend and the small number of contracts traded had been causing some choppiness in the market, brokers said. As of 11:09 CST, 5,907 contracts had changed hands but of that amount, 3,874 trades were tied to spreading. Western barley futures, meanwhile were unchanged although interest in trading the market was nearly non-existent. Only 1 contract had changed hands as of 11:09 CST. |
