ICE Canola Mostly Higher, But Could Turn Choppy
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| August 26, 2009 |
| Winnipeg – ICE Canada canola futures were mostly higher in overnight activity, but could be due for another choppy trading day given the weakness in some of the outside markets.
A weaker tone in the Canadian dollar was seen as one supportive price influence for canola, according to traders. However, equities and crude oil were also down early in the day, which usually has a bearish influence on canola. CBOT soybeans were being called steady to slightly higher to start, but also with expectations for a potentially choppy session. Overnight activity in Malaysian palm oil and European rapeseed futures were not expected to provide much direction for canola. Relatively favourable weather conditions across western Canada, with harvest operations starting up in the southern Prairies, could put some pressure on canola, according to traders. However, the bulk of the harvest is still some time away and the threat of an early frost will also continue to overhang the market. Overnight temperatures dipped close to the freezing level in parts of the Peace River region of northern Alberta, according to Environment Canada data. About 1,600 canola contracts had traded as of 8:57 CDT. Western barley futures were holding steady in overnight activity, with only 1 contract actually traded. Prices in Canadian dollars per metric ton at 8:57 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 429.40 | up 3.20 | |
| Jan | 432.30 | up 2.10 | |
| Mar | 432.40 | dn 0.70 | |
| Western Barley | |||
| Oct | 126.00 | unch | |
| Nov | 155.00 | unch | |
