ICE Canola Slightly Lower
By Brent Harder
| 1 min read
| By Brent Harder, Commodity News Service Canada |
| November 17, 2010 |
| Winnipeg – November 17 – Canola contracts on the ICE Canada platform were mostly lower at 08:40 CST, although losses were minimal as some analysts believe the market has fallen too far too fast.
Still, sharp losses in the soy complex in Chicago were undermining the market. Brokers said demand for vegetable oil will be a catalyst in deciding which direction canola ends up going. Producer selling has been a common theme of late, with the decline in the market, experts said. The plunge has been larger than most producers had expected. The Canadian dollar, which lost more than one US cent Tuesday, was slightly stronger in early trading, aiding in canola’s decline, analysts said. Market watchers said the heavy speculative selling of late had been trimmed in early trading, which was helping to restrict the losses. At 08:40 CST, there had been about 3,600 canola contracts traded. Western barley futures were unchanged and untraded early Wednesday. Prices in Canadian dollars per metric ton at 08:40 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 529.80 | dn 0.60 | |
| Mar | 536.40 | dn 1.10 | |
| Nov | 492.80 | unchanged | |
| Western Barley | |||
| Dec | 180.10 | unchanged | |
| Mar | 185.00 | unchanged | |
