ICE Review: Weather Issues Lift Canola

01.09.2010 13:19 "Agro Perspectiva" (Kyiv) — Canola futures closed mainly higher today, with only the two nearby contracts experiencing any kind of decline. Weakness in CBOT soybean and soyoil values was associated with much of the downward price momentum, while weather concerns provided the lift for the deferred contracts, market watchers said. November canola fell 70 cents to $462, while January lost 60 cents to $466.60. Activity in canola was extremely choppy as prices moved to both sides of the plus/minus line during the day. Canola contracts were undermined for a good part of the day by the sell off in CBOT soyoil futures. The downturn in CBOT soybean values near the close amplified the price weakness in the nearby canola futures, brokers said. Declines in Malaysian palm oil and European rapeseed values overnight contributed to the bearish price sentiment in canola. A drop off in demand from the export sector also helped to spark some of the downward price action, with chart based speculative liquidation orders limiting support, traders said. Much of the support in canola came from concerns about the delays in harvesting the crop in parts of Western Canada and the increased threat of unharvested canola being vulnerable to frost damage, brokers said. A slowdown in farmer deliveries helped to generate some strength in canola as did steady buying interest from domestic crushers. Western barley futures were unchanged with no contracts trading today. October and December barley closed at $175 and $183.

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