ICE Canola Down, Testing Support

By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 12, 2012
Winnipeg – ICE Canada canola futures were weaker  Wednesday morning, as follow-through selling on Tuesday’s declines  weighed on prices.
Overnight declines in Malaysian palm oil futures, which hit  their lowest levels in a month, along with weakness in European  rapeseed and CBOT soybean futures contributed to the declines in  canola, according to participants.
The firm Canadian dollar was another bearish factor in the canola  market, as were the relatively favourable crop conditions for  soybeans in South America, said traders.
A lack of significant farmer selling did help temper the  declines. On the other side, solid end user demand also remained  supportive.
From a technical perspective, recent price activity was said to  have encouraged some speculative selling as the January contract  backed away from the C$600 per tonne level. However, support to the  downside was holding around the C$590 per tonne level in overnight  activity.
About 1,600 canola contracts had traded as of 8:33 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:33 CST:Price      Change

Canola            Jan     590.70    dn  2.30

Mar     587.50    dn  2.30

May     585.20    dn  2.90

Milling Wheat     Mar     290.50    unch

May     293.50    unch

Durum             Mar     316.00    unch

May     320.00    unch

Barley            Mar     248.00    unch

May     249.00    unch

Commodity futures

Futures Prices as of April 23, 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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