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ICE Review: Weather Woes Underpin Canola
21.09.2010 15:27 "Agro Perspectiva" (Kyiv) —
Canola futures closed mainly higher today, although the advances were trimmed late in the day by profit taking and overbought price sentiment, market watchers said.
Strength in canola for most of the session was associated with the frost damage to crops late last week and during the weekend. A good portion of the canola crops in Alberta and Saskatchewan were said to be still immature, which would have resulted in a yield reduction as well as quality downgrades, brokers said.
Commodity fund accounts were some of the featured buyers of canola.
November canola gained 80 cents to $477, and January was up 90 cents at $481.
Adding to the strength in canola were the continued wet conditions in Western Canada which are delaying harvest operations.
Further advances in canola were stimulated by the strong gains in CBOT soybean and soyoil values and talk of fresh export demand for Canadian canola. Confirmation of any fresh business, however, was not available.
Steady domestic crusher demand and the pricing of old export business also provided a firm floor for canola futures.
The upside in canola was offset in part by a pickup in elevator company hedge selling.
Western barley futures were untraded. October and December barley closed steady at $170 and $182.
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