ICE Canola Drifts Lower

By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 11, 2012
Winnipeg – ICE Canada canola futures were mostly  weaker Tuesday morning, as a softer tone in CBOT soybeans and a lack  of any major surprises in the updated USDA supply/demand projections  weighed on prices.
Ending stocks of US soybeans at the end of the current crop year  were revised down to 130 million bushels by the USDA, from 140 million  in the previous report. While the tighter US stocks were a little  supportive for the oilseed markets in general, global supply  projections were left relatively unchanged and soybeans drifted  lower.
Overnight losses in Malaysian palm oil contributed to the  declines in canola, as palm oil prices were testing chart support.
Uncertain South American production prospects did keep some  caution in the markets, according to participants, although current  conditions look relatively favourable for crop development.
Ongoing concerns over tightening canola supplies in western  Canada, and the need to ration demand going forward, did provide some  underlying support for canola, according to traders.
About 2,100 canola contracts had traded as of 8:41 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:41 CST:Price      Change

Canola            Jan     597.00    dn  1.10

Mar     594.40    dn  0.80

May     594.40    up  0.80

Milling Wheat     Dec     286.00    unch

Mar     298.50    unch

Durum             Dec     312.00    unch

Mar     316.00    unch

Barley            Dec     245.00    unch

Mar     248.00    unch

 

Commodity futures

Futures Prices as of April 16, 2014

Canola Price Change
January597.001.10
March594.400.80
May594.400.80
Milling Wheat Price Change
December286.00
March298.50
Durum Price Change
December312.00
March316.00
New Barley Price Change
December245.00
March248.00

Prices are in Canadian dollars per metric ton

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