ICE Canola Narrowly Mixed, But Bias To Upside
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| September 11, 2009 |
| Winnipeg – ICE Canada canola futures were mixed in overnight activity, although the bias was to the upside in the nearby November contract by 8:52 CDT.
Talk this week of exporter buying remained a supportive influence for canola, as did ongoing concerns about the potential for frost damage in western Canada before the harvest is completed, said traders. The USDA released updated supply/demand and production estimates on Friday which were largely in line with trade expectations for soybeans. The fact that the report was relatively neutral could cause the soybean market to see some strength, which would spillover to canola, said analysts. Western Canadian farmers are busy with the harvest, which should limit the hedge pressure in canola, said traders. However, the harvest is advancing and conditions are reasonably favourable for the time being. As a result, selling should start to pick up in the futures market soon. A slightly firmer tone in the Canadian dollar early in the day could also temper the upside in canola. About 570 canola contracts had traded as of 8:52 CDT. Western barley futures were unchanged and untraded in overnight activity. Prices in Canadian dollars per metric ton at 8:52 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 399.50 | up 0.90 | |
| Jan | 402.70 | dn 0.20 | |
| Mar | 404.80 | dn 1.30 | |
| Western Barley | |||
| Oct | 112.00 | unch | |
| Nov | 141.10 | unch | |
