|By Terryn Shiells, Commodity News Service Canada|
|September 14, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at mostly higher price levels at 8:32 CDT, following the advances seen in the CBOT soybean complex, analysts said.
Much of the strength in the CBOT soybean complex was linked to renewed concerns about the tight global supply situation and weakness in the value of the US dollar.
Advances seen in outside oilseed markets, including European rapeseed and Malaysian palm oil, also helped canola values move to the upside, traders said.
Concerns about tight canola supplies also added to the bullish price sentiment. Canadian producers have reported lower than expected yields due to weather, disease and insect damage.
Steady domestic crusher demand and the routine pricing of old export business also fuelled some of the advances.
However, the upswing in the value of the Canadian dollar, as it soared to its highest level in over a year, limited the advances. The stronger Canadian dollar makes canola more expensive to foreign buyers.
Profit-taking after recent highs and forecasts calling for beneficial weather during soybean planting time in Brazil also limited the upside in canola, participants said.
As of 8:32 CDT, about 900 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
|Nov||648.50||up 2.40 Jan 652.40 up 2.40 Mar 652.90 up 2.60 Milling Wheat Oct 299.60 unch Dec 306.00 unch Durum Oct 306.90 unch Dec 311.40 unch Barley Oct 250.00 unch Dec 255.00 unch|
Futures Prices as of May 21, 2013
Prices are in Canadian dollars per metric ton