ICE Canola Mixed, Waiting For Direction
| 1 min read
|
|
| By Phil Franz-Warkentin, Resource News International |
| January 25, 2010 |
| Winnipeg – ICE Canada canola futures traded to both sides of unchanged in overnight activity, but were holding onto small gains in most months Monday morning.
A firmer tone in the outside equity markets was expected to lend some underlying support to canola, according to traders. Slight weakness for the Canadian dollar early in the day was also supportive for canola. Farmer selling was expected to slow down across western Canada, as blizzard conditions in most areas should discourage farmer deliveries. Oversold price sentiment continues to underpin the canola market as well, although an analyst said any further upside may be limited as the technical bias remains bearish. CBOT soybeans ended slightly lower in overnight electronic trade, and further weakness in the US market would spill over to canola, said traders. Weather conditions in South America are mixed. In Brazil, the conditions remain favourable for the developing soybean crops. However, dryness is starting to become a concern in Argentina. About 620 canola contracts had traded as of 8:48 CST. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:48 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 385.60 | dn 0.10 | |
| May | 392.70 | up 0.50 | |
| Jul | 397.90 | up 1.00 | |
| Western Barley | |||
| Mar | 148.30 | unch | |
| May | 155.00 | unch | |
