|By Terryn Shiells, Commodity News Service Canada|
|August 21, 2012|
|WINNIPEG – Canola futures on the ICE Futures Canada platform were trading at mostly higher price levels at 8:32 CDT Tuesday, following the upward price action seen in the CBOT soybean complex, analysts said.
Most of the advances seen in the CBOT soybean complex were fuelled by crop tour findings that showed soybean yields are in worse condition than originally anticipated.
The need to ration demand because of tight soybean supplies was also supportive for both soybeans and canola on Tuesday morning, participants said.
Strength seen in European rapeseed futures overnight also helped to generate some of the advances in canola, market watchers said.
The slowing of farmer deliveries into the cash pipeline and steady domestic crusher demand also provided underlying support for canola.
However, the upswing in the value of the Canadian dollar, as it climbed further above parity with its US counterpart, tempered the advances, analysts said.
Profit-taking following Monday’s highs was also seen as an undermining influence in canola, participants said.
As of 8:32 CDT, about 4,300 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||627.70||up 6.30 Jan 633.00 up 6.90 Mar 632.80 up 5.10 Milling Wheat Oct 294.70 unch Dec 300.30 unch Durum Oct 299.20 unch Dec 303.70 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton