ICE Canola Mostly Lower In Profit-Taking
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| By Phil Franz-Warkentin, Resource News International |
| July 19, 2010 |
| Winnipeg – ICE Canada canola futures were mixed Monday morning, with losses in the most active nearby contracts, but gains in the more deferred positions.
A trader said follow-through speculative profit-taking on Friday’s lower close accounted for some of the selling pressure in canola as the market consolidates some of its recent advances. The Canadian dollar was also showing some strength Monday morning, after weakening sharply on Friday. The firmer tone in the currency cuts into crush margins and usually weighs on canola, according to traders. Calls for a slightly lower start to the North American session for CBOT soybeans also put some downward pressure on canola. However, a broker said the overall technical bias remains pointing higher for canola. In addition, the weather concerns that triggered the rally in the market over the past few weeks remain a supportive influence underneath the market, which should limit any downside, according to traders. About 900 canola contracts had traded as of 8:28 CDT. Western barley futures were untraded and unchanged. Prices in Canadian dollars per metric ton at 8:28 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 453.10 | dn 1.90 | |
| Jan | 455.00 | dn 0.30 | |
| Mar | 454.00 | up 1.60 | |
| Western Barley | |||
| Oct | 156.50 | unch | |
| Dec | 156.50 | unch | |
