ICE Canola Turns Lower On Profit-Taking
| 1 min read
ICE Canola Turns Lower On Profit-Taking |
| By Phil Franz-Warkentin, Resource News International |
| Oct. 28, 2010 |
| Winnipeg – Canola contracts traded on the ICE Futures Canada platform were slightly lower at 10:50 CDT Thursday, retreating from early advances as profit-taking weighed on values.
Canola initially saw some follow-through strength on its recent advances, but the buying interest subsided and profit-taking came forward to take prices below unchanged, according to a broker. He said the stronger Canadian dollar, and resulting declines in product values, added to the selling pressure in the technically overbought canola market. However, the downside was limited by the steady commercial demand underneath the market, said the broker. In addition, he said farmers were reluctant sellers on any moves lower, as they already moved quite a bit of canola at harvest time and are now generally content to hold out for higher prices. Gains in the CBOT soy complex also provided some underlying support for canola. At 10:50 CDT, about 8,500 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 10:50 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 528.10 | dn 1.90 | |
| Jan | 537.10 | dn 1.40 | |
| Mar | 544.90 | dn 0.90 | |
| Western Barley | |||
| Dec | 180.00 | unch | |
| Mar | 185.00 | unch | |
