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Howard Leaman - hleaman@cogeco.ca Sep 03/10
Canola - Canola traded on both sides of unchanged again on Friday,
ending lower. Prices were supported for much of the day by growing concerns
about the harvest delays in western Canada, and spillover buying from soy,
palm oil, and European rapeseed. Wet weather in western Canada continues to
disrupt harvesting activity, which combined with cool temperatures, have
raised concerns about potential frost damage.
The buying in canola ran into technical resistance on the price chart,
however, and that capped the gains. Extreme strength in the Canadian dollar
also weighed on canola, sending prices to the minus side. The dollar gained
over a cent against the U.S. dollar on Friday.
Canola stayed within it recent consolidation range on the price
charts, which was not surprising ahead of the long weekend and next week's
government reports. Both the Canadian and U.S. markets will be closed on
Monday for the Labour Day holiday. Next Wednesday, Stats Can will release
its estimate of ending stocks for the 2009/2010 crop year, and next Friday
the USDA will release its monthly crop report.
Barley - Traders were reluctant to trade barley futures on Friday,
and they were settled unchanged.
Resistance Support
Nov Canola 468.80 453.50
Jan Canola 472.30 458.00
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