ICE Canola Mixed, Edging Higher On Weather Concerns
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| By Phil Franz-Warkentin, Resource News International |
| Sept. 7, 2010 |
| Winnipeg – ICE Canada canola futures were mixed Wednesday morning, as traders showed reluctance to take prices too far one way or the other amid a lack of any significant market moving news. However, the bias was shifting to the upside as weather concerns and steady end-user demand provided support.
On the supportive side, canola remained underpinned by the wet weather conditions across many areas of western Canada that continued to hamper harvest operations over the Labour Day long weekend. The risk of potential frost damage is also starting to grow moving into September. A slightly weaker tone in the Canadian dollar early in the day also helped provide some support to canola. Calls for early weakness in CBOT soybeans were weighing on canola, limiting the upside. However, soyoil held steady in overnight trade and Malaysian palm oil futures managed to move higher. Some caution was expected in the canola market ahead of Wednesday’s stocks report from Statistics Canada. Wednesday will also see the Bank of Canada make its latest interest rate announcement, which could move the Canadian dollar. The USDA releases updated supply/demand tables on Friday, and some positioning ahead of that report was also expected. About 660 canola contracts had traded as of 8:30 CDT. Western barley futures were untraded and unchanged Friday morning. Prices in Canadian dollars per metric ton at 8:30 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 461.30 | up 0.20 | |
| Jan | 467.10 | up 0.40 | |
| Mar | 469.40 | dn 1.20 | |
| Western Barley | |||
| Oct | 175.00 | unch | |
| Dec | 183.00 | unch | |
