ICE Canola Down With Profit-Taking
| By Phil Franz-Warkentin, Commodity News Service Canada |
| April 11, 2012 |
| Winnipeg – ICE Canada canola futures were weaker Wednesday morning, as the speculative profit-taking that came forward to take values off their highs late Tuesday continued to weigh on prices.Improving moisture conditions across western Canada, together with expectations for record canola plantings across the region, added to the softer tone, according to participants.
However, there are still some areas lacking precipitation, and the industry will need a large crop in order to replenish the tightening supplies. Exporters and domestic crushers continue to show solid demand for canola, which limited the losses, according to traders. Gains in the outside financial and energy markets were also said to be somewhat supportive. Soybeans were mixed in overnight e-CBOT activity, and the direction the US market takes at the start of the North American day session could set the tone for canola as well, said traders. About 2,300 canola contracts had traded as of 8:38 CDT. Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning. Prices in Canadian dollars per metric ton at 8:38 CDT: Price Change Canola May 624.60 dn 0.60 Jul 620.10 dn 0.10 Nov 583.50 dn 1.50 Western Barley May 230.00 unch Jul 230.00 unch Milling Wheat Oct 265.30 unch Dec 270.30 unch Durum Oct 277.50 unch Dec 282.00 unch Barley Oct 186.50 unch Dec 190.00 unch |
