ICE Canola Weaker Following Soybeans
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| By Phil Franz-Warkentin, Resource News International |
| February 19, 2010 |
| Winnipeg – ICE Canada canola futures were weaker Friday morning, with calls for a lower start in the CBOT soy complex leading to some spillover selling in the market. Spreading was a feature in the overnight activity.
Malaysian palm oil futures were also down in overnight trade, putting some further pressure on canola. The calls for a lower start in soybeans were partially tied to the stronger tone of the US dollar, according to analysts. The Canadian dollar, meanwhile, was weaker which may help canola hold relatively firm compared to soybeans. Reluctant farmer selling coupled with steady end-user demand remained a supportive price influence in canola, according to traders. However, large global oilseed supplies continue to overhang the market, which may keep the bias to the downside, traders added. About 3,000 canola contracts had traded as of 8:49 CST, with the March/May spread a feature as participants continue to roll out of the nearby March contract. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:49 CST: |
| Price | Change | ||
| Canola | |||
| Mar | 383.20 | dn 1.10 | |
| May | 389.20 | dn 1.20 | |
| Jul | 394.00 | dn 2.10 | |
| Western Barley | |||
| Mar | 140.30 | unch | |
| May | 150.00 | unch | |
