|
ICE Canada Review: Weather Concerns Boost Canola
02.09.2010 13:34 "Agro Perspectiva" (Kyiv) —
Canola futures finished today’s session mainly higher after bouncing around on both sides of the plus/minus line during the day.
Weather uncertainties helped to generate some of the upward price action in canola while the upturn in the Canadian dollar was an undermining influence, market watchers said. Activity in canola was described as volatile.
Some pre-positioning ahead of the upcoming September Labour Day holiday weekend was a feature of the activity. Statistics Canada will also release its grain stocks in all positions report as of July 31 on Sept. 8.
November canola gained $2.80 to $464.80, while January climbed $3.20 to $469.80.
Canola contracts found support from steady domestic crusher demand and the pricing of old export business by commercials, brokers said. Adding to the upward momentum were weather concerns, including the late development of the canola crop in parts of Western Canada and the increased vulnerability of the crop to an early frost.
Firmness in CBOT soyoil futures also provided some good underlying support for canola. Some late day speculative fund demand added to the price advances, brokers said.
The upside in canola was limited by a drop off in fresh export demand with the Canadian dollar jumping sharply in value. The inability of soybean values at the CBOT to hold gains also sparked some selling in canola.
Western barley futures were unchanged with October and December closing at $175 and $183.
Also available:
|
| |
|
|