ICE Canola Weaker, Pressured By Outside Markets, Weather
| 1 min read
| By Phil Franz-Warkentin, Resource News International |
| September 14, 2009 |
| Winnipeg – ICE Canada canola futures were lower in overnight activity, and are expected to remain under pressure, according to market participants. Losses in the outside commodity and equity markets, along with the relatively favourable weather conditions across western Canada, should weigh on values, said traders.
CBOT soybeans were weaker in overnight electronic trade, and are expected to see further weakness with the start of the North American session. Malaysian palm oil and European rapeseed futures were also lower in overnight activity. While recent rains may cause harvest delays in parts of western Canada, weather conditions remain favourable for crop development and harvest progress across most of the region, with no immediate risk of frost in the forecasts. The ongoing harvest may limit some of country movement, as producers slow their deliveries to concentrate on the harvest. That lack of selling could limit the downside in canola, according to traders. Exporter and domestic crusher demand underneath the market should also provide some support. Early weakness in the Canadian dollar was also seen as a supportive price influence for canola. About 1,100 canola contracts had traded as of 8:46 CDT. Western barley futures were unchanged and untraded in overnight activity. Prices in Canadian dollars per metric ton at 8:46 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 388.80 | dn 5.40 | |
| Jan | 392.60 | dn 5.80 | |
| Mar | 396.90 | dn 3.50 | |
| Western Barley | |||
| Oct | 113.10 | unch | |
| Nov | 142.80 | unch | |
