ICE Canola Stronger thanks to Soybeans
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| October 12, 2010 |
| Winnipeg – October 12 – Canola contracts on the ICE Canada platform were trading at steady to higher levels at 8:40 CDT Tuesday, as the soy market in Chicago closed stronger Monday, pushing canola prices in a bullish direction, analysts said.
The ICE Canada markets were closed for the Thanksgiving holiday on Monday, but in the US, corn gained 27 to 28 US cents per bushel, while soybeans were up around 171/2 US cents. This aided canola in opening stronger on Tuesday. Good harvest progress by producers across the Canadian prairies was limiting gains, brokers said. The harvest activity was prompting many farmers to sell product. Market watchers said slight losses overnight by Malaysian palm oil and European rapeseed were also keeping a lid on the upward pressure in canola. The Canadian dollar was slightly stronger early Tuesday, also restricting the gains in canola. At 08:40 CDT, there had been about 7,300 canola contracts traded. Western barley contracts were unchanged and untraded at 08:40 CDT. Prices in Canadian dollars per metric ton at 8:40 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 489.00 | up 0.70 | |
| Jan | 497.50 | unch | |
| Mar | 504.60 | up 2.20 | |
| Western Barley | |||
| Dec | 174.50 | unch | |
| Mar | 180.00 | unch | |
