ICE Canola Narrowly Mixed Ahead Of StatsCan
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| By Phil Franz-Warkentin, Resource News International |
| April 22, 2010 |
| Winnipeg – ICE canola futures were mixed Thursday morning, lacking any clear direction in choppy trade ahead of next week’s Statistics Canada planting intentions report.
Calls for a firmer start in the CBOT soy complex, overnight gains in Malaysian palm oil and European rapeseed, and a slightly weaker tone in the Canadian dollar were all providing some underlying support for canola early in the day, according to traders. Exporter pricing was also said to be coming forward, although traders couldn’t confirm if there was any new business taking place. A lack of farmer selling, as producers remain focussed on spring field work instead of marketing, was also supportive. However, with expectations for record large canola acres this spring, prices remained under pressure overall. Statistics Canada releases its first planting intentions report of the year on April 26, and positioning ahead of the report was a feature. Technical resistance was also a factor in canola, keeping prices within their well established narrow ranges. About 360 canola contracts had traded as of 8:48 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:48 CDT: |
| Price | Change | ||
| Canola | |||
| May | 378.70 | dn 0.60 | |
| Jul | 385.20 | dn 0.60 | |
| Nov | 389.80 | up 0.40 | |
| Western Barley | |||
| May | 151.10 | unch | |
| Jul | 145.50 | unch | |
