ICE Canola Narrowly Mixed, Stuck In Range
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| By Phil Franz-Warkentin, Resource News International |
| April 21, 2010 |
| Winnipeg – ICE canola futures were narrowly mixed Wednesday morning, lacking any clear direction in range- bound trade. Inter-month spreading was the feature in overnight activity as participants continue to roll their positions out of the nearby May contract.
Calls for a firmer start to the North American session for the CBOT soy complex were providing some spillover support for canola, according to traders. Other outside markets, including crude oil, were also lending some support to canola. A lack of farmer selling provided some further support, with many producers turning their attention to spring seeding and other fieldwork rather than marketing. However, the favourable planting conditions were also seen heightening the expectations for a sizeable increase in canola acres this spring, which limited the upside in canola. Statistics Canada releases their first official acreage projections of the year on April 26, and some positioning ahead of the report was expected. The strong Canadian dollar also remained a bearish price influence on canola, moving further above parity with its US counterpart in early trade. Malaysian palm oil futures were slightly lower in overnight activity. About 2,600 canola contracts had traded as of 8:42 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:42 CDT: |
| Price | Change | ||
| Canola | |||
| May | 379.70 | up 0.20 | |
| Jul | 385.70 | unch | |
| Nov | 389.20 | dn 0.70 | |
| Western Barley | |||
| May | 151.10 | unch | |
| Jul | 145.50 | unch | |
