ICE Canola Higher, Following Soybeans

By Terryn Shiells, Commodity News Service Canada
December 17, 2012
WINNIPEG – Canola contracts on the ICE  Futures Canada platform were trading at stronger price levels at  8:30 CST Monday, following the advances seen in the CBOT soybean  complex, analysts said.
Much of the buying that took soybeans to higher ground was  linked to strong demand amid tight supplies, participants said.  Chart-based buying was also supportive for soybeans.
Gains posted by European rapeseed and Malaysian palm oil  futures during overnight trade also helped canola values move to  higher ground.
Firmness in the cash market, and a lack of significant farmer  selling, also underpinned canola values, market watchers noted.
Steady commercial demand and concerns about tight supplies  also added to the bullish price sentiment in canola.
However, talk that weather in South America has improved, and  if good weather continues, the region could produce a record large  soybean crop, tempered the advances.
The upswing in the value of the Canadian dollar also  undermined canola prices, as it made the commodity more expensive  for foreign buyers.
As of 8:30 CST Monday, about 6,955 canola contracts had  traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30  CST:

Commodity futures

Futures Prices as of April 23, 2014

Canola Price Change
Jan600.202.20
Mar597.002.50
May598.705.10
Milling Wheat Price Change
Mar290.50
May293.50
Durum Price Change
Mar312.40
May316.40
New Barley Price Change
Mar248.00
May249.00

Prices are in Canadian dollars per metric ton

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