ICE Canola Strengthens In Light Trade
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| January 4, 2010 |
| Winnipeg – ICE Canada canola futures were higher in light overnight activity, with strength in the outside commodity markets providing some spillover support.
Calls for a higher start to the CBOT soy complex should help underpin canola during the first trading day of 2010, said market participants. A canola analyst said the technical signals were pointing higher for the market, which should encourage some speculative demand. Routine exporter pricing was also expected to remain supportive. Cold temperatures across western Canada were also cited as a potential supportive price influence, as the weather will likely discourage farmer deliveries. The Canadian dollar was stronger Monday morning, which will likely temper the upside in canola, according to traders. Relatively favourable crop conditions for South American soybeans could also limit any gains. Ongoing concerns about exporting canola seed to China and canola meal to the US were also expected to weigh on canola values. About 470 canola contracts had traded as of 8:54 CST. Western barley futures were unchanged and untraded in overnight activity. Prices in Canadian dollars per metric ton at 8:54 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 415.60 | up 3.20 | |
| May | 421.60 | up 3.00 | |
| Jul | 426.60 | up 2.90 | |
| Western Barley | |||
| Mar | 156.80 | unch | |
| May | 158.00 | unch | |
