ICE Canola Narrowly Mixed In Range-bound Trade
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| December 7, 2009 |
| Winnipeg – Canola contracts traded on the ICE Canada platform were narrowly mixed at 10:57 CST Monday, bouncing around a tight range with no clear direction. While gains in the CBOT soy complex provided some support, steady farmer selling limited the upside.
"Farmers are putting some pressure on the market after the rally we had last week," said a canola broker. Strength in the Canadian dollar added to the relatively weaker tone in canola. The flat tone in canola came despite the gains seen in the CBOT soy complex. The broker said the funds were buying on a scale-down basis. Export business priced in the overnight trade also provided some underlying support for canola, according to the broker. At 10:57 CST, about 8,900 canola contracts had changed hands, with the January/March spread accounting for about 6,000 of the contracts traded. Speculators and Japanese export customers were the featured participants on the buy side of the spread, while domestic crushers were noted sellers, according to the broker. Western barley futures were steady to lower at midday, with only 21 contract traded. Prices in Canadian dollars per metric ton at 10:57 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 412.70 | unch | |
| Mar | 419.50 | up 0.10 | |
| May | 424.40 | up 0.30 | |
| Western Barley | |||
| Jan | 160.00 | dn 2.00 | |
| Mar | 160.00 | unch | |
