ICE Canola Narrowly Mixed, C$ Limits Upside
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| By Phil Franz-Warkentin, Resource News International |
| April 5, 2010 |
| Winnipeg – ICE Canada canola futures were narrowly mixed Monday morning in thin trade. Gains in outside commodity markets and ongoing concerns about dry conditions in parts of western Canada provided some support for canola. However, the strong Canadian dollar limited the upside, according to traders.
Calls for a firmer start in the CBOT soy complex after the long Easter holiday weekend were expected to spillover to canola, according to traders. Other commodities, including crude oil, were also showing some strength early in the day. Concerns about dryness in parts of Alberta and Saskatchewan also provided some underlying support for canola as the spring planting season draws nearer in western Canada. However, any upside in canola was limited by the strong Canadian dollar, which was nearing parity with its US counterpart Monday morning. The strong currency cuts into crush margins and makes Canadian canola less attractive to export customers. Malaysian palm oil futures were lower in overnight activity, also putting some downward pressure on canola. About 90 canola contracts had traded as of 8:50 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:50 CDT: |
| Price | Change | ||
| Canola | |||
| May | 380.30 | dn 0.40 | |
| Jul | 387.60 | up 1.50 | |
| Nov | 385.70 | dn 1.10 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.00 | unch | |
