ICE Canola Narrowly Mixed, Lacking Clear Direction
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| By Phil Franz-Warkentin, Resource News International |
| May 26, 2010 |
| Winnipeg – ICE Canada canola futures traded to both sides of unchanged in overnight activity, lacking any clear direction as conflicting market signals helped keep prices within a narrow range.
Any strength in canola was largely seen as spill-over from the advances posted in most other commodity markets overnight, including e-CBOT soybeans, Malaysian palm oil, European rapeseed, and crude oil, according to traders. Concerns that wet weather in some parts of western Canada could result in planting delays were also slightly supportive. However, crop conditions are generally favourable overall, limiting any weather related premium in the canola market. The Canadian dollar was slightly firmer Wednesday morning, also weighing on canola, according to traders. However, the currency was still sharply weaker compared to where it was a week ago, which should help keep crush margins attractive. About 220 canola contracts had traded as of 8:46 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:46 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 379.20 | up 0.50 | |
| Nov | 383.20 | dn 1.00 | |
| Jan | 388.80 | up 0.40 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
