|By Terryn Shiells, Commodity News Service Canada|
|October 23, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were holding steady at 8:32 CDT Tuesday morning, as talk of fresh export demand kept values afloat, analysts said.
Slow farmer selling and the downswing in the value of the Canadian dollar also underpinned canola values Tuesday morning, market watchers said.
Continued concerns about the tight canola situation in western Canada also generated some of the price firmness.
However, declines seen in the CBOT soybean complex helped to put a lid on the advances seen in canola.
Profit-taking following recent advances put downward pressure on both, soybean and canola values, brokers said.
Weakness seen in Malaysian palm oil and European rapeseed futures during overnight trade also tempered the advances in canola.
Beneficial weather for the development of the soybean crop in South America was also an undermining price influence for canola.
As of 8:32 CDT, about 3,285 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
|Nov||614.90||dn 0.30 Jan 615.00 up 0.80 Mar 613.60 up 0.90 Milling Wheat Dec 307.50 unch Mar 317.00 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch|
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton