ICE Canola Strengthens In Thin Holiday Trade
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| By Phil Franz-Warkentin, Resource News International |
| July 5, 2010 |
| Winnipeg – ICE Canada canola futures were higher Monday morning in thin trade. Participants were taking a cautious approach with the US markets closed for the July Fourth Long Weekend. The largest advances were in the nearby July contract, as traders exited the cash month.
With no direction coming from the US markets, trade was expected to be thin and choppy in canola, according to traders. Ongoing weather concerns in western Canada remain the primary supportive price influence in canola, with many areas dealing with excessive moisture, but dryness causing problems in the Peace River region of Alberta. Reluctant farmer selling, a slightly weaker Canadian dollar, and gains in crude oil were also providing some underlying support for canola, according to traders. However, technical resistance was holding on the upside, tempering any gains, according to analysts. Ideas that the Canadian weather concerns have already been priced into the market also limited the advances. Overnight losses in Malaysian palm oil futures could also be putting some downward pressure on canola values. About 930 canola contracts had traded as of 8:49 CDT. Western barley futures were steady to higher early in the day, with all of the 42 contracts traded confined to the July futures, as participants exited the cash month. Prices in Canadian dollars per metric ton at 8:49 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 423.80 | up 2.00 | |
| Jan | 422.80 | up 0.80 | |
| Mar | 420.00 | unch | |
| Western Barley | |||
| Oct | 152.50 | unch | |
| Dec | 152.50 | unch | |
