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ICE Review: Canola Jumps; Export Demand Supportive
26.08.2010 13:20 "Agro Perspectiva" (Kyiv) —
Canola futures posted strong gains today, supported by solid export demand and a lack of any significant selling pressure.
China was said to be in the canola market pricing some fresh business, helping canola move higher despite the generally weaker tone in the Chicago soy complex, according to a broker. Routine Japanese pricing also provided some support.
The November and January canola contracts each jumped $9.10 to close at $453.70 and $458, respectively.
Domestic crushers were also on the buy side in canola, given the improvement in crush margins over the past month. Some speculative buying interest, encouraged by the move higher, added to the gains in canola, according to traders.
Harvest delays in parts of Western Canada also provided some underlying support to prices, as only light farmer hedges were coming forward. However, selling on scale up basis was noted as prices moved higher.
The weakness in soyoil, and overnight losses in Malaysian palm oil tempered the upside in canola.
Western barley futures actually saw some activity on Wednesday, moving higher with 35 contracts traded in the nearby October contract. Some of that demand was tied to the strength in the international feed barley markets, due to crop problems in the former Soviet Union, and recent reports from the Canadian Wheat Board indicating that Canada was making feed barley export sales.
Over the past year, Canadian feed barley exports have been virtually non-existent due to higher domestic values.
October barley climbed $7 to close at $175, and December was steady at $183.
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