ICE Canola Mixed In Tight Range-Bound Trade
| 1 min read
|
|
| By Phil Franz-Warkentin, Resource News International |
| March 10, 2010 |
| Winnipeg – ICE Canada canola futures were narrowly mixed Wednesday morning, as updated USDA supply/demand tables were largely seen as neutral for the oilseeds. Canola bounced around both sides of unchanged in response to the USDA data, with traders generally reluctant to take prices too far one way or the other.
The USDA lowered its ending stocks forecast for US soybeans, but increased its estimate for corn. While the soybean data was described as neutral, the relative bearishness of the corn and wheat numbers could put some spillover pressure on the oilseeds, according to traders. The large South American crop and the expectations for increased North American canola and soybean acres in 2010 also continued to weigh on canola prices. However, the routine end user demand underneath the market provided support for canola. Malaysian palm oil futures were also higher in overnight activity. The Canadian dollar was holding steady early in the day, while crude oil was slightly lower. About 700 canola contracts had traded as of 8:50 CST. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:50 CST: |
| Price | Change | ||
| Canola | |||
| May | 385.00 | up 0.10 | |
| Jul | 389.90 | unch | |
| Nov | 392.90 | dn 1.70 | |
| Western Barley | |||
| May | 155.00 | unch | |
| Jul | 155.00 | unch | |
