ICE Canola Moves Higher, Outside Markets Supportive
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| April 30, 2010 |
| Winnipeg – ICE canola futures were mixed Friday morning, with most months pointed higher as overnight gains in the outside oilseed markets were providing some support.
Malaysian palm oil, European rapeseed, and e-cbot soybeans were all firmer in overnight activity, lending some spillover support to canola, according to traders. Steady end-user demand, which is being met by reluctant farmer selling, was also supportive for canola. However, canola remains stuck in a relatively narrow trading range, and traders were unsure if the market would be able to hold onto any gains. An analyst noted that canola had been higher for most of Thursday’s session before selling came forward to take prices down. He said the market could see a similar pattern on Friday. Most of western Canada is expected to see some much needed precipitation over the weekend, which should weigh on canola values, according to traders. However, more moisture will still be needed over the growing season, helping keep a weather premium in the market. About 345 canola contracts had traded as of 8:51 CDT. Spreading was a minor feature as participants move the last of their positions out of the nearby May contract. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:51 CDT: |
| Price | Change | ||
| Canola | |||
| May | 385.00 | up 2.40 | |
| Jul | 389.10 | up 0.80 | |
| Nov | 389.40 | dn 0.30 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
