ICE Canola Turns Higher, Following Soybeans
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| December 14, 2009 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were mostly stronger at 11:04 CST Monday, recovering from early declines as gains in the CBOT soy complex spilled over to provide some support. Activity was described as quiet, with the market starting to see its seasonal slow-down.
Funds and commission houses were the noted buyers in canola, taking their cue from the bounce higher in soybeans, said a broker. A lack of any aggressive farmer selling pressure was also supportive, according to the broker. In addition, routine exporter pricing further underpinned the canola market, according to traders. However, early losses in crude oil tempered the upside in canola, according to the broker. The Canadian dollar was trading near unchanged at midsession, recovering from early weakness. The firmer tone in the Canadian dollar also put some pressure on canola prices. At 11:04 CST, about 5,400 canola contracts had changed hands. The January/March spread accounted for about 3,200 of the contracts traded. Grain companies were buying the spread, while commodity funds and domestic crushers were on the sell side. Western barley futures were untraded and unchanged at midsession. Prices in Canadian dollars per metric ton at 11:04 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 412.50 | up 0.30 | |
| Mar | 419.90 | up 0.70 | |
| May | 425.20 | dn 0.50 | |
| Western Barley | |||
| Jan | 159.00 | unch | |
| Mar | 160.00 | unch | |
