ICE Canola Corrects Higher

By Phil Franz-Warkentin, Commodity News Service Canada
Nov. 6, 2012
Winnipeg – Canola contracts on the ICE Futures  Canada platform were stronger at 10:49 CST Tuesday, as the market saw  a short-covering correction from Monday’s sell-off.
“Canola is showing a little bounce today,” said a broker adding  that Monday’s break below nearby technical support was overdone from  a chart standpoint. Gains in CBOT soybeans accounted for some of the  spillover buying interest in canola as well.
Canola supply/demand projections also remain tight going  forward, which helped uncover some end-user buying interest after the  recent losses, according to participants.
The recent losses have shifted the nearby technical bias to the  downside in canola, which limited the short-covering correction.  Improving crop prospects in South America and expectations for an  upward revision to the size of the US soybean crop in Friday’s USDA  report were also weighing on values, said a broker.
The firmer Canadian dollar, which was up by about a quarter cent  relative to its US counterpart, limited the upside potential in canola  as well.
At 10:49 CST, about 5,100 canola contracts had changed hands with  intermonth spreading only a minor factor.
Milling wheat, durum, and barley futures were all untraded and  unchanged.
Prices in Canadian dollars per metric ton at 10:49 CST:Price      Change

Canola            Jan     601.80    up 12.00

Mar     597.90    up 11.90

May     592.50    up 14.00

Milling Wheat     Dec     308.50      unch

Mar     318.00      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
Milling Wheat Price Change
Durum Price Change
New Barley Price Change

Prices are in Canadian dollars per metric ton


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