ICE Canola Moves Lower, Pressured By C$, Soybeans
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| By Phil Franz-Warkentin, Resource News International |
| April 7, 2010 |
| Winnipeg – ICE Canada canola futures were lower Wednesday morning, pressured by the firm Canadian dollar and calls for a weaker start in the CBOT soy complex.
The Canadian dollar was trading near parity with its US counterpart once again Wednesday morning, which was seen as bearish for canola prices. Calls for a slightly lower start to the North American session for CBOT soybeans, the large South American soybean crop, and expectations for increased canola acres this spring also weighed on values, according to traders. Ongoing concerns about dry conditions in parts of Alberta and Saskatchewan provided some underlying support for canola. A lack of farmer selling, as producers wait for a clearer idea on new crop prospects, was also supportive for the market. Malaysian palm oil futures were higher in overnight activity, which could provide some spillover support for canola. About 690 canola contracts had traded as of 8:49 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:49 CDT: |
| Price | Change | ||
| Canola | |||
| May | 379.00 | dn 1.80 | |
| Jul | 384.80 | dn 2.00 | |
| Nov | 387.50 | dn 2.00 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.00 | unch | |
