ICE Canola Weakens Following Soybeans, Profit- Taking
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| October 15, 2009 |
| Winnipeg – Canola contracts traded on the ICE Canada platform were lower at 11:00 CDT Thursday, pressured by losses in CBOT soybeans and profit-taking. Inter-month spreading was a major feature, accounting for the bulk of the volumes in canola.
Weather forecasts for both Canada and the US are looking more favourable heading into next week, which should allow US producers to move forward with the soybean harvest while Canadian farmers should be able to bring in some of the remaining canola. A broker said the better weather was behind the selling pressure in the oilseed markets on Thursday. In addition, the recent strength in canola has left the market open to some profit-taking, said the broker. Slow farmer selling, coupled with steady end-user demand provided some support for canola and limited the downside, said traders. At 11:00 CDT, about 5,000 canola contracts had changed hands, with the Nov/Jan spread accounting for most of the trade volumes. Western barley futures were steady to slightly higher with only 30 contracts traded by midsession. Prices in Canadian dollars per metric ton at 11:00 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 386.60 | dn 2.40 | |
| Jan | 390.00 | dn 2.80 | |
| Mar | 391.50 | dn 5.80 | |
| Western Barley | |||
| Nov | 150.00 | unch | |
| Jan | 155.50 | unch | |
