ICE Canola Weakens Following Outside Markets
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| May 4, 2010 |
| Winnipeg – ICE Canada canola futures were mostly lower Tuesday morning, pressured by movements in the outside commodity markets and the generally favourable crop conditions across western Canada.
Calls for a slightly weaker start to the North American session for the CBOT soy complex, along with overnight declines in Malaysian palm oil and European rapeseed futures, were putting some spillover pressure on canola values, according to traders. Crude oil was also down Tuesday morning. Most areas of western Canada have seen some beneficial precipitation over the past week, which has helped reduce the drought concerns across the Canadian Prairies. While temperatures have turned cooler, the forecasts are calling for a return to warmer weather in the next week, which should allow for an active planting pace. The Canadian dollar was weaker Tuesday morning, which limited the losses in canola, according to traders. Steady end user demand from exporters and domestic crushers was also supportive for canola. About 300 canola contracts had traded as of 8:49 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:49 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 386.10 | dn 0.90 | |
| Nov | 388.40 | dn 1.50 | |
| Jan | 393.20 | dn 1.20 | |
| Western Barley | |||
| Jul | 145.50 | unch | |
| Oct | 145.50 | unch | |
