ICE Canola Narrowly Mixed
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| March 25, 2010 |
| Winnipeg – ICE Canada canola futures were mixed Thursday morning, reacting to outside market influences. Gains in soybeans, crude oil, and other commodities provided some support, while the stronger Canadian dollar limited the upside, according to traders.
After moving lower on Wednesday, CBOT soybeans were due for a corrective bounce on Thursday, which should provide some spillover support for canola, said an analyst. However, canola held up reasonably firm compared to soybeans on Wednesday, and may not have as much room to the upside. European rapeseed and Malaysian palm oil futures were also higher in overnight activity, helping underpin canola. Dryness in Alberta and Saskatchewan, as attention starts to turn to new crop prospects, was also cited as a supportive price influence. The stronger tone in the Canadian dollar, which was trading back above US 98 cents, tempered the gains in canola, according to traders. A stronger currency makes the commodity less attractive to export customers and cuts into domestic crush margins. About 380 canola contracts had traded as of 8:39 CDT. Western barley futures were untraded and unchanged in overnight activity |
