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ICE Canada Review: Canola Bolstered by Short Covering
25.03.2010 11:09 "Agro Perspectiva" (Kyiv) —
The buying back of previously sold positions by a variety of market participants was behind the late day advances in ICE Canada canola futures today, industry watchers said.
Canola had traded at mainly lower levels for the bulk of the day in response to the sell off in the CBOT soybean complex and the bearish global oilseed supply situation.
Some of the early selling in canola was inspired by the declines posted by Malaysian palm oil futures overnight.
Liquidation orders in canola came from a variety of market participants with the declines in CBOT soybeans and soyoil generating that interest, brokers said. Chart-based speculative selling was also evident during the session and helped to undermine values.
The record large soybean supplies that are now available in Brazil and Argentina contributed to the bearish price atmosphere in canola as did sentiment that western Canadian producers intend on significantly bolstering canola seeded area this spring, brokers said.
Helping to support canola futures during the day was steady commercial demand, with much of that interest said to be covering domestic processor requirements as well as routine export business to Japan and Mexico, traders said.
The pull back in the value of the Canadian dollar was also an underpinning price influence for canola.
May canola edged up 30 cents to $380.30. July closed a dime higher at $386.10.
Western barley futures were little changed in non-existent activity. May and July barley were steady at $154 and $145.
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