ICE Canada Review: Canola Edges Down With Beans

By Phil Franz-Warkentin, Commodity News Service Canada

Jan. 3, 2013

Winnipeg – ICE Futures Canada canola contracts closed mostly lower on Thursday, as a softer tone in the CBOT soy complex spilled over to weigh on the Canadian market.

Only the nearby January contract moved higher, as traders exiting the front month caused the January/March spread to widen.

The losses in soybeans were tied to bearish technical signals, Chinese cancellations, and the relatively favourable crop conditions in South America, according to participants.

The charts for canola were also said to be pointing lower, with prices backing away from the high end of their recent trading range during the session.

Light farmer selling was also noted, although producers generally remain content to wait on the sidelines for the time being, said traders.

Scale-down end user buying did help temper the declines in canola, according to participants. Ongoing concerns over tightening supplies in western Canada and a softer tone in the Canadian dollar were also supportive.

About 12,991 canola contracts were traded on Thursday, which compares with Wednesday when 11,762 contracts changed hands. Spreading accounted for about 8,122 of the contracts traded.

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

Commodity futures

Futures Prices as of April 23, 2014

Canola Price Change
March585.501.90
May578.702.30
July574.903.00
Milling Wheat Price Change
March290.50
May293.50
Durum Price Change
March312.40
May316.40
New Barley Price Change
March247.00
May248.00

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.