ICE Canola Down, Catching Up To Soybeans

By Phil Franz-Warkentin, Commodity News Service Canada
Nov. 13, 2012
Winnipeg – ICE Canada canola futures were down  Tuesday morning, as the market was said to be ‘playing catch up’ with  the CBOT soy complex. Soybeans dropped sharply on Monday while the  Canadian market was closed for Remembrance Day.
Speculators were heavy sellers in the soybean market on Monday,  liquidating their long positions, according to traders. Speculative  selling was also a feature in canola on Tuesday, although the  corrective bounce in soybeans did temper the losses.
Concerns over the size of Canada’s canola crop, and the need to  ration supplies going forward, did provide some underlying support  as well, according to participants.
The January canola contract was trading just above its key  200-day moving average in early activity. An analyst said a break  below the C$580 level would likely trigger additional speculative  selling in the futures.
About 3,400 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:51 CST:Price      Change

Canola            Jan     581.90    dn  9.50

Mar     580.10    dn  9.30

May     578.50    dn  8.00

Milling Wheat     Dec     310.30    unch

Mar     319.80    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 24, 2014

Canola Price Change
January581.909.50
March580.109.30
May578.508.00
Milling Wheat Price Change
December310.30
March319.80
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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