ICE Canola Mixed in Early Trade
| December 8, 2010 |
| Winnipeg – December 8 – Canola contracts on the ICE Canada platform were mixed to lower at 08:30 CST Wednesday, as profit taking was a popular theme among traders after the advances in the market on Tuesday, analysts said.
Weakness in the soy complex on the CBOT was also providing downward pressure on the market, as traders were booking profits ahead of Friday’s USDA report, brokers said. South American soy crops are – for the most part – enjoying favorable growing conditions, and market watchers have pegged the crop has being a large one. This was also providing bearish pressure on canola. The Canadian dollar was slightly stronger early Wednesday, weakening canola However, strong demand from domestic crushers, as well as usual, steady demand from exporters, was providing support to the market, experts said. Market watchers said the technical bias has shifted to the upside, and buying activity could build over the next while. At 08:30 CST, there had been about 1,000 canola contracts traded. Western barley contracts were unchanged and untraded early Wednesday. Prices are in Canadian dollars per metric ton at 08:30 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 558.20 | unchanged | |
| Mar | 565.60 | up 0.10 | |
| Nov | 512.50 | dn 3.10 | |
| Western Barley | |||
| Mar | 194.00 | unchanged | |
| May | 194.00 | unchanged | |
