ICE Canola Strengthens Following Palm Oil, Soybeans
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| By Phil Franz-Warkentin, Resource News International |
| February 22, 2010 |
| Winnipeg – ICE Canada canola futures were stronger Monday morning, finding some spillover support from the overnight gains in Malaysian palm oil and e-CBOT soybeans, said traders.
A broker said there was also some follow-through buying on Friday’s firmer close, as the technical signals were starting to turn higher. Reluctant farmer selling coupled with steady end-user demand also remained a supportive price influence in canola, according to traders. However, large global oilseed supplies continue to overhang the market, which may temper the advances. The Canadian dollar was holding relatively steady Monday morning, providing little direction for canola. However, a broker noted that the currency was still trading at firm levels, which could put some pressure on canola prices. About 2,100 canola contracts had traded as of 8:47 CST, with the March/May spread a minor feature. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:47 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 385.40 | up 0.70 | |
| May | 393.30 | up 2.20 | |
| Jul | 398.20 | up 2.70 | |
| Western Barley | |||
| Mar | 140.30 | unch | |
| May | 150.00 | unch | |
