|By Terryn Shiells, Commodity News Service Canada|
|August 16, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly stronger price levels at 10:31 CDT Thursday, following gains seen in the CBOT soybean complex earlier in the trading day, analysts said.
Talk that some of the Canadian canola crop is experiencing damage pressure from disease and insects also helped to fuel some of the advances, traders said.
Some chart-based speculative buying was also providing support for canola, participants said.
However, increased farmer selling and pressure from the advancement of the canola harvest in western Canada tempered the advances.
The lack of fresh domestic and export demand also helped put a lid on the gains in canola at midday Thursday, market watchers said.
The advances in canola were also restricted by the strong Canadian dollar, as it remains above parity with its US counterpart.
Canola futures are expected to find support around C$600 per tonne mark and resistance around C$620 per tonne, analysts said.
The market was on the quiet side at midday Thursday. As of 10:31 CDT, about 3,450 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||609.20||up 1.30 Jan 613.80 up 1.10 Mar 616.30 up 1.80 Milling Wheat Oct 292.40 unch Dec 299.20 unch Durum Oct 303.70 unch Dec 306.60 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 23, 2013
Prices are in Canadian dollars per metric ton