ICE Canola Weakens, But Downside Limited In Cautious Trade
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| By Phil Franz-Warkentin, Resource News International |
| April 13, 2010 |
| Winnipeg – ICE Canada canola futures were mostly lower in overnight activity, although the lightly traded new crop November contract was posting small advances.
A mixed tone in the CBOT soy complex was keeping the canola trade somewhat cautious as well, according to market participants. Outside market factors, including Malaysian palm oil and the Canadian dollar, were providing little direction for canola Tuesday morning. Snowfall over the weekend in parts of Alberta and Saskatchewan helped alleviate some of the dryness concerns in those areas, accounting for some of the selling pressure in canola, according to traders. However, actual moisture accumulation was highly variable and many locations remained on the dry side heading into the spring planting season. Steady exporter and domestic crusher demand also kept canola prices well supported, as did the firmer tone in CBOT soyoil. About 1,300 canola contracts had traded as of 8:44 CDT. Spreading was a feature in the overnight activity, as participants continue to roll their positions out of the nearby May contract. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:44 CDT: |
| Price | Change | ||
| Canola | |||
| May | 378.70 | dn 1.10 | |
| Jul | 385.80 | dn 0.40 | |
| Nov | 390.00 | up 1.40 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.50 | unch | |
