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Futures and Commodity Market News |
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Mon May 12, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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WINNIPEG, MB, May 07, 2008 (Resource News International via COMTEX) -- Canola contracts traded on ICE Futures Canada were mostly higher in overnight activity, but have since turned mixed. Canola should continue to find some support from calls for a firmer start in the CBOT soy complex, said traders. However, a broker thought the underlying tone was weaker for canola, which accounted for the mixed tone. In addition to the spillover support from soybeans, canola should also see some firmness from the general lack of farmer selling currently in the market, according to a broker who pointed out that most producers are currently busy seeding the year's crop. Statistics Canada's latest stocks report, which put the country's canola supplies as of March 31, 2008, at 3.699 million metric tons, was not expected to provide much direction for the day's trade. The stocks were below the 4.755 million metric tons at the same point the previous year, but were well within trade estimates. Roughly 350 canola contracts had traded by 8:58 CDT. Traders thought the light volumes were tied to routine activity, with no fresh export demand coming forward to stimulate the market. A broker expected the lack of fresh demand would weigh on values. Western barley futures were untraded in overnight activity, but should be able to find some support from the higher calls for CBOT corn. Canadian barley stocks, as of March 31, were pegged at 4.460 million metric tons by Statistics Canada. The stocks were in line with trade estimates and compare with the year ago level of 4.572 million. Prices in Canadian dollars per metric ton at 08:58 CDT:
Price Change
Canola
Jul 590.50 dn 2.30
Nov 615.00 up 4.90
Western Barley
Jul 247.10 unchanged
Oct 255.00 unchanged
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Phil Franz-Warkentin, Resource News International Copyright 2008 Resource News International Please read the End User Agreement. News provided by COMTEX |
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