ICE Canola Stronger following Soy
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 3, 2010 |
| Winnipeg – September 3 – Canola was trading stronger on the ICE futures Canada platform at 10:40 CDT on Friday, finding some support from the gains in CBOT soybeans. Weather uncertainty across western Canada was also supportive.
Soybeans on the Chicago Board of Trade platform were trading stronger, helping to push up the price of canola. However, the Canadian currency was up more than a cent Friday morning in comparison to the US Dollar. The firm currency caused canola to lag soybeans to the upside. A trader said Japan had been a very active exporter early in the day, while routine movement in exports was also providing support for the market. A trader said selling had been strong across the board, but he couldn’t put his finger on just where the selling was coming from. At 10:40 CDT, there had been about 4,000 canola contracts traded. Trading was a minor factor, accounting for about 900 of the contracts traded. Western barley futures remained untraded and unchanged at midsession. Canadian and US markets will be closed Monday for Labour Day, and market participants were said to be showing some caution ahead of the long weekend. Prices in Canadian dollars per metric ton at 10:40 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 464.20 | up 1.60 | |
| Jan | 470.50 | up 2.10 | |
| Mar | 473.80 un 1.50 | ||
| Western Barley | |||
| Oct | 175.00 | unch | |
| Dec | 183.00 | unch | |
