ICE Canola Up After Frost
By Brent Harder
| 1 min read
| By Brent Harder, Resource News International |
| September 17, 2010 |
| Winnipeg – September 17 – Canola contracts on the ICE Canada platform were trading much stronger at 10:45 CDT, after a severe frost hit many parts of Saskatchewan and Alberta last night. Many forecasts are calling for more frost on Friday night across the Canadian prairies.
However, a trader said that frost wasn’t only an issue on the Canadian prairies. Forecasts show frost is expected in China next week, which has many buyers wondering where they will be able to find product. The Canadian dollar was also aiding canola’s bullish tone, as it was weaker by nearly half a cent in early trading. A low dollar is good news for canola. Soybean futures in Chicago were higher, furthering canola’s gains. A trader said most of the buying was from crushers, while fund buying was also a popular theme. He also said export activity had been very quiet. At 10:45 CDT, there had been about 13,300 canola contracts traded, with nearly half of those tied to spreading. At 10:45 CDT, western barley was steady to higher, with 20 contracts traded for December. Prices in Canadian dollars in metric tons at 10:45 CDT. |
| Price | Change | ||
| Canola | |||
| Nov | 475.60 | up 7.20 | |
| Jan | 479.40 | up 6.60 | |
| Mar | 483.90 | up 8.10 | |
| Western Barley | |||
| Oct | 170.00 | unchanged | |
| Dec | 182.00 | up 2.00 | |
