| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 14, 2012 |
| Winnipeg – ICE Canada canola futures were higher Wednesday morning, seeing a corrective bounce after Tuesday’s sharp declines. Gains in CBOT soybeans and Malaysian palm oil in overnight activity contributed to the firmer tone in canola, according to participants. With Canadian canola supplies expected to be tight by the end of the current crop year, the losses likely uncovered some bargain-hunting from end users as well, said traders. However, the technical bias is said to have shifted to the downside. As a result, any attempts at correcting higher will likely be seen as good selling opportunities. Expectations for large South American soybean production this year were also overhanging the oilseed markets. About 2,000 canola contracts had traded as of 8:38 CST. Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning. Prices in Canadian dollars per metric ton at 8:38 CST:Price Change Canola Jan 581.50 up 6.70 Mar 579.80 up 6.90 May 578.80 up 8.30 Milling Wheat Dec 307.00 unch Mar 316.50 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch |
