ICE Canola Pulled Down By Soybean Losses

By Terryn Shiells, Commodity News Service Canada
December 20, 2012
WINNIPEG – Canola contracts on the ICE  Futures Canada platform were trading at lower price levels at 8:37  CST Thursday, as the losses seen in CBOT soybeans spilled over to  weigh on values, analysts said.
Much of the selling that took soybeans lower was linked to  a bearish USDA weekly export sales report. The USDA pegged soybean  exports at 619,000 metric tonnes for the week ended December 13,  down 53% from the week prior.
The liquidation of long positions by speculative fund  accounts ahead of the holiday season and the New Year was also an  undermining price influence for both soybeans and canola, traders  said.
Talk that weather is fairly good for the development of  soybean crops in South America was also overhanging the oilseed  markets, including canola.
Declines seen in European rapeseed futures during overnight  trade also put some downward pressure on canola.
However, the weaker Canadian dollar helped to limit canola’s  downside potential.
Steady commercial demand and a lack of significant farmer  selling also helped to underpin values.
As of 8:37 CST Thursday, about 7,250 canola contracts had  traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:37  CST:

Commodity futures

Futures Prices as of April 17, 2014

Canola Price Change
Jan573.405.40
Mar569.805.50
May566.905.20
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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