|By Terryn Shiells, Commodity News Service Canada|
|July 25, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:32 CDT Wednesday, as losses experienced earlier in the week were seen as overdone and in need of an upward correction, analysts said.
Canola futures were following the rebound seen in the CBOT soybean complex, which also saw significant losses in the last two trading sessions, brokers said.
The CBOT soybean complex posted gains as the US dollar’s value eased, making the commodity less expensive for non-US buyers.
Strength in other outside oilseed markets, including European rapeseed and Malaysian palm oil, also fuelled some of the advances seen in canola.
An increase in commercial buying, as they were attracted by lower prices on Monday and Tuesday, also helped canola futures move to the upside, traders said.
However, generally good conditions for the development of canola in western Canada limited the gains, market watchers said.
An increase in farmer selling, as the harvest of canola has begun in some areas and as producers make room for new crop in their bins, also tempered the advances.
As of 10:32 CDT, about 15,900 canola contracts had traded.
Durum, barley and milling wheat were untraded and unchanged.
|Nov||618.40||up 11.20 Jan 621.00 up 12.60 Mar 622.50 up 13.40 Milling Wheat Oct 334.50 unch Dec 342.00 unch Durum Oct 327.00 unch Dec 331.50 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton