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ICE Review: Export Interest Lifts Canola
04.08.2010 11:36 "Agro Perspectiva" (Kyiv) —
Talk of fresh export demand and gains in CBOT soybeans and soyoil both Monday and again today lifted canola futures, market watchers said.
Canola found good support throughout the day on indications Mexico has picked up some fresh quantities of Canadian canola for an unspecified delivery period. Export sources, however, were unable to confirm the report.
Support in canola also came from the gains seen in CBOT soybeans and soyoil on Monday when the ICE Canada trading platform was closed for a holiday. The late day upturn in CBOT soybeans and soyoil today contributed to the strength displayed by canola, brokers said.
November canola climbed $5.70 to $465.30, while January added $5.90 to $467.50.
Gains in canola were also linked to steady domestic crusher demand and the pricing of old export business to Japan.
Some concern about growing conditions for canola in Western Canada, given the steady rain, also helped to generate some support. The buying back of short positions was also evident and added to the advances, brokers said.
The gains in canola were restricted by steady elevator company hedge selling, with producers continuing to be good sellers of canola into the cash pipeline, brokers said.
Losses overnight in Malaysian palm oil and European rapeseed futures helped to trim the upside. Firmness in the Canadian dollar also limited the gains in canola, traders said.
Western barley futures were unchanged with no contracts changing hands today. October and December barley closed at $159.10.
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