|By Terryn Shiells, Commodity News Service Canada|
|September 5, 2012|
|WINNIPEG Canola futures on the ICE Futures Canada platform were trading at firmer price levels at 8:39 CDT, as concerns about canola yields in western Canada were supportive for values, analysts said.
As the canola harvest progressed in western Canada, more farmers were reporting yields that were lower than they expected. Disease, extreme heat and insects were responsible for the lower yields.
The downswing in the value of the Canadian dollar and the pricing of old export business also added to the bullish price sentiment.
Steady domestic crusher demand also helped canola values move to the upside, brokers said.
Concerns about the tight global oilseed supply situation and delays to the start of soybean planting in South America also provided some of the upward price push in canola.
However, weakness in outside oilseed markets limited the advances. The declines in European rapeseed, Malaysian palm oil and CBOT soybean futures undermined canola values.
Generally good conditions for the advancement of the canola harvest in western Canada also tempered the gains, market watchers said.
As of 8:39 CDT, about 1,300 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:39 CDT:
|Nov||636.30||up 2.90 Jan 639.50 up 2.30 Mar 637.10 up 0.70 Milling Wheat Oct 298.60 unch Dec 306.10 unch Durum Oct 300.60 unch Dec 305.10 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton