ICE Canada Review: Canola Retreats With Spec Selling

By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 17, 2012
Winnipeg – ICE Futures Canada canola contracts  closed lower on Monday, as an early attempt at breaking above nearby  resistance failed to trigger any follow-through buying interest.Canola moved higher in overnight activity, testing the C$600 per  tonne level in the January contract as gains in the CBOT soy complex  provided support. However, soybeans retreated from their highs and  losses in CBOT corn and wheat spilled over weigh on values.Intermonth spreading accounted for most of the volumes in  canola, as traders were busy rolling out of the January contract ahead  of the New Year. Participants were said to be looking to square up  their positions ahead of the Christmas holiday and traditional  slow-down in activity.

Firmness in the cash market, a lack of significant farmer  selling, solid end user demand, and ongoing concerns over tightening  supplies in western Canada did provide underlying support for canola,  limiting the losses, according to participants.

About 20,416 canola contracts were traded on Monday, which  compares with Friday when 22,829 contracts changed hands. Spreading  accounted for about 17,828 of the contracts traded.

Durum futures held steady in thin commercial activity. Milling  wheat and barley were both untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.

Commodity futures

Futures Prices as of April 23, 2014

Canola Price Change
January592.105.90
March589.205.30
May587.506.10
Milling Wheat Price Change
March290.50
May293.50
Durum Price Change
March312.40
May316.40
New Barley Price Change
March248.00
May249.00

Prices are in Canadian dollars per metric ton

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