ICE Canola Corrects Higher

By Phil Franz-Warkentin, Commodity News Service Canada
Nov. 14, 2012
Winnipeg – ICE Canada canola futures were higher  Wednesday morning, seeing a corrective bounce after Tuesday’s sharp  declines.
Gains in CBOT soybeans and Malaysian palm oil in overnight  activity contributed to the firmer tone in canola, according to  participants.
With Canadian canola supplies expected to be tight by the end  of the current crop year, the losses likely uncovered some  bargain-hunting from end users as well, said traders.
However, the technical bias is said to have shifted to the  downside. As a result, any attempts at correcting higher will likely  be seen as good selling opportunities.
Expectations for large South American soybean production this  year were also overhanging the oilseed markets.
About 2,000 canola contracts had traded as of 8:38 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:38 CST:Price      Change

Canola            Jan     581.50    up  6.70

Mar     579.80    up  6.90

May     578.80    up  8.30

Milling Wheat     Dec     307.00    unch

Mar     316.50    unch

Durum             Dec     312.40    unch

Mar     319.00    unch

Barley            Dec     250.00    unch

Mar     253.00    unch

Commodity futures

Futures Prices as of April 17, 2014

Canola Price Change
January581.506.70
March579.806.90
May578.808.30
Milling Wheat Price Change
December307.00
March316.50
Durum Price Change
December312.40
March319.00
New Barley Price Change
December250.00
March253.00

Prices are in Canadian dollars per metric ton

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