ICE Canola Moves Lower On Profit-Taking
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| By Phil Franz-Warkentin, Resource News International |
| June 4, 2010 |
| Winnipeg – ICE Canada canola futures were lower Friday morning, seeing a profit-taking correction from the gains posted Thursday. Spreading was a feature in the early activity as participants roll their positions out of the nearby July contract.
Calls for a lower start to the North American session for the CBOT soy complex, along with declines in crude oil and the equity markets, added to the weaker tone in canola, according to traders. However, weather uncertainty ahead of the weekend tempered the downside. Excessive moisture remains a concern across the Canadian Prairies, causing seeding delays in Saskatchewan and flood damage in other areas. With rain in the forecasts across much of western Canada heading into the weekend, traders could be taking a cautious approach waiting to see how conditions are on Monday. The Canadian dollar was weaker Friday morning, which provided some underlying support for canola values, according to traders. About 4,000 canola contracts had traded as of 8:45 CDT, with the July/November spread the feature of the early activity. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:45 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 377.70 | dn 1.10 | |
| Nov | 382.20 | dn 1.60 | |
| Jan | 388.20 | dn 0.40 | |
| Western Barley | |||
| Jul | 147.50 | unch | |
| Oct | 145.50 | unch | |
