|By Terryn Shiells, Commodity News Service Canada|
|July 20, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at higher price levels at 11:31 CDT on Friday, following strength seen in the CBOT soybean complex, analysts said.
Forecasts that suggest soybean crops won’t see relief from hot, dry weather in the US Midwest any time soon fuelled the advances in the CBOT soybean complex.
Strength seen in European rapeseed overnight was also bullish for canola.
Some weakness in the value of the Canadian dollar, compared to the US dollar, was also supporting canola as it made the commodity more attractive to foreign buyers.
Routine pricing of old business also helped bring the market to the upside, market watchers said.
However, talk that Canadian canola crops are in good shape, and an increase in farmer selling restricted the gains, participants said.
The lack of fresh export demand as buyers wait to see what actually comes out of the ground before making any big moves, also limited the advances, analysts said.
Spreading was a feature in the market at midday Friday, with a total of 2,969 contracts traded, most of which being in the Nov/Jan contract, brokers said.
As of 11:31 CDT, about 10,300 canola contracts had traded.
Durum, barley and milling wheat were untraded and unchanged.
|Nov||642.60||up 5.80 Jan 644.40 up 4.70 Mar 644.00 up 4.40 Milling Wheat Oct 327.50 unch Dec 339.00 unch Durum Oct 343.50 unch Dec 335.00 unch Barley Oct 264.60 unch Dec 269.60 unch|
Futures Prices as of June 19, 2013
Prices are in Canadian dollars per metric ton