ICE Canola Turns Higher, But Trade Choppy
| 1 min read
| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 22, 2010 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were mostly higher at 10:30 CST Monday, although trade was very choppy and range-bound as values bounced around both sides of unchanged in thin volumes.
Gains in CBOT soybeans, along with ideas that Friday’s declines were overdone, provided some support for canola, according to a broker. However, he said the recovery was lackluster, and noted that the funds were "still in liquidation mode." A slightly firmer tone in the Canadian dollar was also putting pressure on canola values. While canola crush margins have deteriorated in recent days, the domestic processors are still active buyers underneath the market, providing some support for canola, according to the broker. The broker expected canola would continue to chop around both sides of unchanged throughout the session, unless some fresh market moving news comes forward. He said traders were also showing some caution ahead of the US Thanksgiving holiday on Thursday. At 10:30 CST, about 2,400 canola contracts had changed hands, with spreading only a small feature. Western barley futures were untraded and unchanged at midsession. Prices in Canadian dollars per metric ton at 10:30 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 530.20 | up 1.40 | |
| Mar | 535.30 | up 0.10 | |
| Nov | 490.00 | dn 1.50 | |
| Western Barley | |||
| Dec | 180.00 | unch | |
| Mar | 185.00 | unch | |
