ICE Canola Stronger In Light Trade
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| August 24, 2009 |
| Winnipeg – ICE Canada canola futures were higher in light overnight trade. Calls for a firmer start in the CBOT soy complex should keep canola supported as the North American session progresses, said traders.
Malaysian palm oil and European rapeseed contracts were also higher in overnight activity, lending some further support to the canola market. Overnight temperatures were in the single digits (Celsius) once again in Alberta, nearing the freezing mark in some areas, according to Environment Canada. The cool overnight temperatures highlight the potential for frost damage that is overhanging canola, keeping a weather premium in the market, said traders. However, export demand was said to be sluggish for the time being, which should limit the upside. A stronger tone for the Canadian dollar may also temper any gains in canola. Only 96 canola contracts had traded as of 8:52 CDT, all of that in the November futures month. Western barley futures were untraded and unchanged in overnight activity. Calls for early gains in CBOT corn could provide some spillover support for barley values. Prices in Canadian dollars per metric ton at 8:52 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 428.60 | up 4.90 | |
| Jan | 427.80 | unch | |
| Mar | 430.90 | unch | |
| Western Barley | |||
| Oct | 135.00 | unch | |
| Nov | 162.00 | unch | |
