ICE Canola Stronger with Soy
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| October 20, 2010 |
| Winnipeg – October 20 – Canola contracts on the ICE Canada platform were trading higher at 08:45 CDT Wednesday, as CBOT soybeans and Malaysian palm oil were both much stronger overnight, which provided spillover support for canola, analysts said.
Market watchers said the vegetable oil market was also stronger overnight, adding to the strength in the market. With the harvest nearing completion across the Canadian prairies, many producers have halted selling for the time being, supporting the market, experts said. The Canadian dollar was marginally higher early Wednesday, tempering gains in canola. However, market watchers said it was not a huge factor, as the Canadian unit was still recovering from yesterday’s sell-off. At 08:40 CDT, there had been about 1,900 canola contracts traded. Western barley contracts were unchanged and untraded early Wednesday. Prices in Canadian dollars per metric ton at 8:40 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 507.00 | up 2.00 | |
| Jan | 514.50 | up 2.70 | |
| Mar | 520.20 | up 1.50 | |
| Western Barley | |||
| Dec | 180.00 | unch | |
| Mar | 185.00 | unch | |
