ICE Canola Up, USDA Report Friendly For Oilseeds

By Phil Franz-Warkentin, Commodity News Service Canada
April 10, 2012
Winnipeg – ICE Canada canola futures were  stronger Tuesday morning, as solid commercial demand and calls for  a higher start to the North American session for CBOT soybeans  provided support.Updated supply/demand tables released by the USDA Tuesday  morning were seen as friendly for soybeans, confirming expected  declines in both US and global ending stocks. The USDA also revised  its South American soybean production estimates lower, which was  supportive for the oilseeds in general – including canola.

A weaker tone in the Canadian dollar was also supportive for  canola, as the softer currency helps crush margins improve and  should make exports more attractive, said traders.

Expectations for record large canola plantings in western  Canada this spring did slow the upward move. While parts of the  Canadian Prairies are still on the dry side, the moisture situation  is generally improving which should bode well for production, said  participants.

Overbought price sentiment was also said to be slowing the  upward move in canola.

About 2,300 canola contracts had traded as of 8:46 CDT.

Milling wheat, durum, and barley futures were all untraded  and unchanged Tuesday morning.

Prices in Canadian dollars per metric ton at 8:46 CDT:

Price      Change

Canola            May     625.10    up  2.00

Jul     622.20    up  2.80

Nov     586.00    up  2.70

Western Barley    May     230.00    unch

Jul     230.00    unch

Milling Wheat     Oct     272.00    unch

Dec     277.00    unch

Durum             Oct     277.50    unch

Dec     282.00    unch

Barley            Oct     186.50    unch

Dec     190.00    unch

Commodity Future Prices

Price Change
Milling Wheat
updated 2017-10-20 14:22
Price Change
updated 2017-10-20 14:22
Price Change
New Barley
updated 2017-10-20 14:22
Price Change

Prices are in Canadian dollars per metric ton

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