ICE Canola Sharply Lower
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 29, 2010 |
| Winnipeg – September 29 – ICE Canola traded on the ICE Canada platform were trading at significantly lower levels at 10:30 CDT, as preliminary reports were coming in from traders in Chicago ahead of the USDA quarterly crop report, and providing downward pressure analysts said.
Excellent harvest conditions across the Canadian prairies were also contributing to canola’s bearish tone, as producers continue to get the current crop off the field. Some analysts are saying yields will be higher than expected. A weaker soybean market further helped to decrease the value of canola, while European rapeseed and Malaysian palm oil futures also experienced some significant price drops. Analysts said a stronger Canadian dollar was providing more downward pressure for canola. Japan had been a strong buyer to midsession, while producer selling was also a popular theme, according to analysts. At 10:30 CDT, there had been about 5,500 canola contracts traded. Western barley contracts were unchanged and untraded to midsession. Prices in Canadian dollars in metric tons at 10:30 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 475.00 | dn 5.20 | |
| Jan | 481.80 | dn 5.00 | |
| Mar | 486.70 | dn 6.00 | |
| Western Barley | |||
| Oct | 179.00 | unch | |
| Dec | 184.90 | unch | |
