ICE Canola Down With Pre-Weekend Profit-Taking

By Phil Franz-Warkentin, Commodity News Service Canada
Nov. 30, 2012
Winnipeg – ICE Canada canola futures were weaker  Friday morning, as speculators were booking profits on recent gains  ahead of the weekend.
After moving higher for most of the past week, canola was due  for a correction from a chart perspective, said traders. The January  contract neared the psychological C$600 per tonne level on Thursday,  but ended well below that point.
Losses in the CBOT soy complex contributed to the softer tone  in canola, according to traders. Malaysian palm oil and European  rapeseed futures were also down in overnight activity.
A lack of significant farmer selling, as producers appear  content to wait until the New Year to make more sales, helped limit  the losses, according to traders. Solid end user demand and concerns  that tightening supplies will need to be rationed going forward were  also supportive.
Statistics Canada releases its final production estimates for  the year on December 5, and some market participants are anticipating  the agency will confirm an even smaller crop than predicted in the  previous report.
About 1,100 canola contracts had traded as of 8:43 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:43 CST:Price      ChangeCanola            Jan     592.00    dn  5.20Mar     591.50    dn  5.70

May     591.00    dn  4.70

Milling Wheat     Dec     308.00    unch

Mar     316.00    unch

Durum             Dec     312.00    unch

Mar     316.00    unch

Barley            Dec     245.00    unch

Mar     248.00    unch

Commodity futures

Futures Prices as of April 17, 2014

Canola Price Change
January592.005.20
March591.505.70
May591.004.70
Milling Wheat Price Change
December308.00
March316.00
Durum Price Change
December312.00
March316.00
New Barley Price Change
December245.00
March248.00

Prices are in Canadian dollars per metric ton

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