ICE Canola Weaker Following Outside Markets
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| By Phil Franz-Warkentin, Resource News International |
| March 24, 2010 |
| Winnipeg – ICE Canada canola futures were lower Wednesday morning, with spillover selling from the losses seen in most other commodity markets weighing on values, according to traders.
An analyst said the stronger tone in the US dollar was weighing on the commodity markets, including crude oil and soybeans, which spilled into canola. Malaysian palm oil was also weaker in overnight activity. The technical bias in canola was said to be turning lower, drawing some speculative selling into the market, according to traders. However, the analyst said the selling in canola was muted by the weakness in the Canadian dollar, which makes Canadian canola more attractive to export customers. Domestic crusher demand also remained steady underneath the market. About 190 canola contracts had traded as of 8:51 CDT. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:51 CDT: |
| Price | Change | ||
| Canola | |||
| May | 377.50 | dn 2.50 | |
| Jul | 383.20 | dn 2.80 | |
| Nov | 384.60 | dn 4.20 | |
| Western Barley | |||
| May | 154.00 | unch | |
| Jul | 145.00 | unch | |
