ICE Canola Strengthens With Outside Markets
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 18, 2011 |
| Winnipeg – ICE Canada canola futures were stronger Friday morning, seeing a recovery from Thursday’s declines as a firmer tone in the outside financial and commodity markets provided some underlying support.
With no real fresh fundamental news to provide direction, canola was said to be seeing some spill-over buying interest from the overnight gains seen in CBOT soybeans and soyoil. Advances in crude oil and Malaysian palm oil were also lent some spillover support. Steady domestic crusher and exporter pricing also provided some underlying support, as recent declines in the market were seen as good buying opportunities. A lack of significant farmer hedges provided some further support, according to traders. However, volumes were light in canola and market participants said the general uncertainty in the global economy was keeping a cautious tone in the grains and oilseeds as well. The Canadian dollar was stronger Friday morning, which tempered the upside potential in canola. About 900 canola contracts had traded as of 8:37 CST. Western barley futures were untraded and unchanged Friday morning. Prices in Canadian dollars per metric ton at 8:37 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 523.90 | up 2.10 | |
| Mar | 530.20 | up 2.40 | |
| May | 534.00 | up 3.20 | |
| Western Barley | |||
| Dec | 217.00 | unch | |
| Mar | 220.00 | unch | |
