ICE Canola Weaker On Profit-Taking
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| By Phil Franz-Warkentin, Resource News International |
| March 9, 2010 |
| Winnipeg – ICE Canada canola futures were weaker Tuesday morning, with profit-taking after Monday’s advances behind some of the weakness. However, the futures were holding within their well established ranges.
Traders said calls for early declines in the CBOT soy complex were also putting some pressure on canola, as participants on both sides of the border are expected to take a cautious approach ahead of Wednesday’s USDA supply/demand report. The large South American soybean crop, and the expectations for increased North American oilseed acres also kept canola prices under pressure, according to traders. Overnight losses in Malaysian palm oil futures and the continued strength of the Canadian dollar were also cited as bearish price influences on canola. Scale-down end user buying limited the downside in canola, according to traders. Nearby technical support levels were also holding firm on Tuesday morning, tempering the declines. About 480 canola contracts had traded as of 8:51 CST. Western barley futures were untraded and unchanged in overnight activity. Prices in Canadian dollars per metric ton at 8:51 CST: |
| Price | Change | ||
| Canola | |||
| May | 383.00 | dn 1.60 | |
| Jul | 388.30 | dn 2.10 | |
| Nov | 394.20 | dn 2.70 | |
| Western Barley | |||
| May | 155.00 | unch | |
| Jul | 155.00 | unch | |
