ICE Canola Lower With Outside Oilseeds

By Terryn Shiells, Commodity News Service Canada
July 17, 2012
WINNIPEG – Canola contracts on the ICE  Futures Canada platform were trading at a weaker price level at  10:32 CDT Tuesday, following softness in the CBOT soybean complex,  analysts said.
CBOT soybeans fell as profit taking after Monday’s highs  weighed on values. However, canola held up better than CBOT  soybeans because it didn’t climb as high on Monday, a  Winnipeg-based trader said.
Canola futures were also following weakness seen in Malaysian  palm oil and European rapeseed overnight.
Beneficial weather for Canadian canola crops was also  weighing on values. Recent rains across western Canadian growing  regions helped crop development after many days of hot, dry  weather.

Increased hedge selling, as producers make room in their bins  for new crop supplies, was also responsible for some of the  downward price movement, traders said.
However, forecasts that suggest drought-like conditions in  US Midwest growing regions won’t see relief any time soon limited  the declines in canola, brokers said.
Softness in the value of the Canadian dollar was also  tempering the losses as it made the commodity less expensive to  foreign buyers.
As of 10:32 CDT about 5,000 canola contracts had traded.

Durum, barley and milling wheat were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:32  CDT:

Price Change
Canola
Nov      633.40 dn  1.10                  Jan     635.40   dn  1.90                  Mar     633.90   dn  2.00 Milling Wheat Oct     312.50     unch                  Dec     320.00     unch Durum Oct     325.50     unch                  Dec     330.00     unch  Barley Oct     262.00     unch                  Dec     267.00     unch

 

Commodity futures

Futures Prices as of May 17, 2013

Canola Price Change
Nov633,401.10
Jan635.401.90
Mar633.902.00
Milling Wheat Price Change
Oct312.50
Dec320.00
Durum Price Change
Oct325.50
Dec330.00
New Barley Price Change
Oct262.00
Dec267.00

Prices are in Canadian dollars per metric ton

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