ICE Canola Steady To Higher In Thin Trade
| 1 min read
|
|
| By Phil Franz-Warkentin, Resource News International |
| March 8, 2010 |
| Winnipeg – ICE Canada canola futures were steady to higher Monday morning in thin trade. Calls for a firmer start to the CBOT soy complex provided some underlying support.
Traders said canola was looking a little stronger from a technical standpoint, after bouncing off of the bottom of its recent trading range on Friday. Exporter pricing provided some further support, with reports out of China that the country was still buying Canadian canola despite the current restrictions on blackleg. Canola should also find some spillover support from the overnight gains in Malaysian palm oil futures. However, the upside was limited in canola, with many market participants taking a cautious stance ahead of Wednesday’s USDA supply/demand reports. The large South American soybean crop also remained a bearish price influence. Attention in both the Canadian canola and US soybean markets is starting to turn to the 2010 crop, and expectations for increased acres for both crops should limit the upside potential, according to traders. The Canadian dollar was stronger Monday morning, which weighed on canola. Only 80 canola contracts had traded as of 8:58 CST. Western barley futures were steady to higher in overnight activity, with 11 contracts traded. Prices in Canadian dollars per metric ton at 8:58 CST: |
| Price | Change | ||
| Canola | |||
| May | 382.70 | up 0.30 | |
| Jul | 388.30 | unch | |
| Nov | 394.70 | unch | |
| Western Barley | |||
| May | 147.50 | up 2.00 | |
| Jul | 145.50 | unch | |
