|By Terryn Shiells, Commodity News Service Canada|
|September 12, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at higher price levels at 8:31 CDT, following the advances seen in the CBOT soybean complex, analysts said.
The USDA crop report released Wednesday morning generated much of the gains seen in the CBOT soybean complex, which spilled over to support canola. The USDA reported average soybean yields as being 35.3 bushels an acre, slightly lower than pre-report estimates of 35.5 bushels an acre.
Advances seen in Malaysian palm oil futures during overnight trade also added to the bullish price sentiment in canola.
Concerns about lower yields, as reported by canola farmers across western Canada, also generated some of the upward price climb, traders said.
However, general firmness in the value of the Canadian dollar as it remained above parity with the US dollar, limited the advances.
Pressure from the progression of the harvest in western Canada and increased farmer deliveries into the cash pipeline, also put a lid on the gains.
As of 8:31 CDT, about 1,390 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:31 CDT:
|Nov||635.10||up 6.80 Jan 639.00 up 6.90 Mar 636.00 up 3.30 Milling Wheat Oct 295.70 unch Dec 302.10 unch Durum Oct 306.90 unch Dec 311.40 unch Barley Oct 257.00 unch Dec 262.00 unch|
Futures Prices as of June 18, 2013
Prices are in Canadian dollars per metric ton