ICE Canola Mixed, Could Find Support From Soybeans
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| June 17, 2009 |
| Winnipeg – ICE Canada canola futures traded to both sides of unchanged in overnight activity while holding within a tight range. With calls for a firmer start in CBOT soybeans, traders thought the canola market could see some spillover support as the North American trading day progresses.
However, any gains would likely be limited, as the technical outlook is turning sideways for canola, according to a broker. The fundamentals also aren’t pointing strongly to one direction or the other. On the one hand, weather conditions are thought to be improving in western Canada. However, on the other hand there are still more then enough areas of concern to keep prices supported. Crude oil was slightly weaker early in the day, which could weigh on canola values. The Canadian dollar, meanwhile, was relatively unchanged. About 210 canola contracts had traded as of 8:50 CDT, with intermonth spreading only a small feature. Western barley futures were untraded and unchanged as of 8:50 CDT. Most traders have taken to the sidelines as they wait for the introduction of revised western barley contracts on June 22. Prices in Canadian dollars per metric ton at 8:50 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 453.90 | up 0.20 | |
| Nov | 452.10 | dn 0.90 | |
| Jan | 457.60 | unch | |
| Western Barley | |||
| Jul | 175.50 | unch | |
| Oct | 182.90 | unch | |
