ICE Canada Review: Canola Down With Spec Selling

By Phil Franz-Warkentin, Commodity News Service Canada

Feb. 11, 2013

Winnipeg – ICE Futures Canada canola contracts closed lower on Monday, dropping in sympathy with the CBOT soy complex as speculative long-liquidation and follow-through selling on Friday’s losses weighed on values.

A slowdown in buying interest from exporters and domestic crushers, as the recent strength in the market is doing its job of rationing demand, added to the weaker tone, according to a broker. Steady farmer selling put further pressure on values.

However, the losses in canola were tempered by the weaker tone in the Canadian dollar, said participants. The overall uptrend also still remains intact from a chart perspective, providing some support as well. Intermonth spreading was the feature in canola, with the March/May spread narrowing in as participants were busy exiting the front month.

About 28,230 canola contracts were traded on Monday, which compares with Friday when 36,870 contracts changed hands. Spreading accounted for about 23,948 of the contracts traded.

Milling wheat, durum, and barley futures were untraded and unchanged.

Settlement prices are in Canadian dollars per metric ton.

Commodity futures

Futures Prices as of April 17, 2014

Canola Price Change
March629.507.40
May615.205.50
July600.005.90
Milling Wheat Price Change
March291.00
May294.00
Durum Price Change
March309.20
May313.20
New Barley Price Change
March241.50
May242.50

Prices are in Canadian dollars per metric ton

Respond





You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

COPA MedallionAGCanada.com was a 2012 COPA Finalist.
©2014 AGCanada is a production of FBC Limited Partnership a division of Glacier Media Inc.
Please refer to Copyright Page for details.