|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:
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton