ICE Canola Stuck In Tight Range, Lacking Direction
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| By Phil Franz-Warkentin, Resource News International |
| April 6, 2010 |
| Winnipeg – ICE Canada canola futures were trading within a tight range Tuesday morning, lacking any clear direction in choppy, two-sided trade.
Chicago soybeans were also mixed in overnight electronic trade and were generally being called steady to start the North American session. An analyst said the direction the soy market eventually takes should be a factor in canola as well. Persistent concerns about dryness in parts of Alberta and Saskatchewan remain a supportive price influence in canola, and could help take prices higher, according to traders. On the other side, the strength of the Canadian dollar will weigh on canola, said traders. The currency briefly topped parity with its US counterpart in overnight trade, making canola more expensive for export customers. Malaysian palm oil futures were lower in overnight activity, putting some spillover pressure on canola. About 1,820 canola contracts had traded as of 8:42 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:42 CDT: |
| Price | Change | ||
| Canola | |||
| May | 380.00 | up 0.10 | |
| Jul | 385.70 | dn 0.10 | |
| Nov | 387.20 | dn 1.50 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.00 | unch | |
