ICE Canola Turns Higher After Early Declines
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| October 21, 2009 |
| Winnipeg – Canola contracts traded on the ICE Canada platform were mostly higher at 11:23 CDT Wednesday after trading to both sides of unchanged early in the day. Weather concerns in western Canada and gains in the CBOT soy complex provided support, according to traders.
An analyst in Alberta thought there was still a million and a half to two million metric tons of canola in the fields waiting to be harvested, and the ongoing harvest delays were providing support for prices. A Winnipeg-based broker agreed that adverse weather conditions, both in parts of western Canada and the US midwest were supporting prices. Gains in the CBOT soy complex added to the firmer tone inc canola, according to the broker. He said a slow-down in farmer selling was also providing some support. However, sharp gains in the Canadian dollar, which was also recovering from early weakness, tempered the upside in canola, according to the broker. Profit-taking was also putting some pressure on values. At 11:23 CDT, about 17,000 canola contracts had changed hands, with the Nov/Jan spread a feature of the trade. Western barley futures were firmer at midsession with about 50 contracts traded by 11:23 CDT. Prices in Canadian dollars per metric ton at 11:23 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 400.60 | up 4.10 | |
| Jan | 407.10 | up 4.30 | |
| Mar | 412.30 | up 3.90 | |
| Western Barley | |||
| Nov | 156.00 | up 0.50 | |
| Jan | 156.00 | unch | |
