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ICE Canada Review: Canola Up on Weather/Weak C$
01.07.2010 10:35 "Agro Perspectiva" (Kyiv) —
ICE Canada canola futures closed higher today with weakness in the Canadian dollar and ongoing concerns about reduced production due to weather related issues helping to stimulate the gains, market watchers said.
The evening up of positions ahead of the Canada Day holiday on Thursday, July 1 and the U. S. July 4 long holiday weekend was a feature of the activity.
November canola was up $2.50 at $416.80, while January climbed $2.30 to $418.
Canola contracts held good gains throughout the day with much of the upward momentum tied to production concerns due to wet conditions across most areas of the Canadian prairies and the dry weather in the canola growing areas of northern Alberta, brokers said.
The buying back of short positions ahead of the weekend helped to influence some of the price advances with the slow pace of farmer selling into the cash market aiding the gains.
Steady domestic crusher demand along with the pricing of old export business to Japan by commercial accounts further lifted canola futures.
The advances in CBOT soyoil futures also provided some of the upward price momentum, traders said.
The upside in canola was limited by the losses seen in deferred CBOT soybean contracts and by overhead technical resistance.
The lack of fresh export business for canola was also an undermining price influence. Some profit taking at the highs was also evident and helped to restrict the gains.
The nearby July canola future was pushed lower by liquidation of contracts ahead of the contract becoming a cash delivery month.
Western barley futures were unchanged and untraded. On Tuesday, no barley contracts changed hands. October and December barley closed at $150.40 each.
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