ICE Canola Pulls Back
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| January 7, 2011 |
| Winnipeg – January 7 – Canola contracts on the ICE Canada platform were lower at 08:30 CST Friday, as pre-weekend liquidation remains at play as speculative funds are rebalancing positions in the commodities sector, analysts said.
E-CBOT soybeans, soyoil, Malaysian palm oil and European rapeseed were all lower in overnight trade, which added to canola’s unfriendly tone, market watchers said. The Canadian dollar continued to push higher Friday morning, also contributing to the bearishness of canola, brokers said. Profit taking ahead of the weekend was another factor putting pressure on values, experts said. Losses in canola were tempered by a lack of producer selling, as farmers remain reluctant to put supplies into the cash pipeline, analysts said. Market watchers said the pricing of routine export business by commercials also provided a firm floor for canola. At 08:30 CST, there had been about 1,200 canola contracts traded. Western barley futures were unchanged and untraded early Friday. Prices in Canadian dollars per metric ton at 08:30 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 583.60 | dn 3.00 | |
| May | 590.50 | dn 2.60 | |
| Nov | 528.90 | unchanged | |
| Western Barley | |||
| Mar | 194.00 | unchanged | |
| May | 194.00 | unchanged | |
