ICE Canola Weakens In Quiet Trade
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| June 29, 2009 |
| Winnipeg – Canola contracts traded on the ICE Canada platform were lower at 10:55 CDT Monday, with declines in the CBOT soy complex accounting for some of the spillover selling pressure, according to traders.
A broker described the activity in canola as "quiet," with the thin volumes exaggerating the downward move. He noted that the fundamentals remain supportive for canola, with dryness concerns persisting in Alberta. Many market participants have taken to the sidelines ahead of the June 30 USDA acreage report, which is generally expected to show that more soybeans and less corn was planted than originally thought, said the broker. The Canadian dollar was holding within a tight range on Monday, providing little direction for canola. At 10:55 CDT, about 3,000 canola contracts had changed hands, with inter-month spreading only a small feature. Activity was thought to be slowing down with some participants moving to the sidelines ahead of the Canada Day holiday on Wednesday, and the closure of the US Markets for Independence Day on Friday. Western barley futures were steady to lower in light trade. there were 77 contracts traded by 10:55 CDT. Losses in CBOT corn provided some of the selling pressure in barley, according to traders. Prices in Canadian dollars per metric ton at 10:55 CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 456.00 | dn 4.20 | |
| Nov | 455.00 | dn 1.30 | |
| Jan | 456.70 | dn 3.60 | |
| Western Barley | |||
| Oct | 175.50 | dn 1.10 | |
| Nov | 201.00 | unch | |
