ICE Canola Follows Soybeans Higher

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By Terryn Shiells, Commodity News Service Canada

November 26, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:36 CST Monday, following the advances seen in the CBOT soybean complex, analysts said.

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Much of the buying that took the CBOT soybean complex higher was linked to news of fresh soyoil export sales, brokers noted.
Concerns about South American weather, as some Brazilian growing regions are dry and rain is delaying planting in Argentina, also boosted both canola and soybean values.
The downswing in the value of the Canadian dollar also helped to underpin canola prices, as it made the commodity less expensive to foreign buyers.
The need to encourage farmer selling, as producers have been holding off and waiting for higher prices, also added to the bullish price sentiment.
As of 10:36 CST Monday, about 6,360 canola contracts had traded.

Barley contracts saw some light activity, with 5 contracts traded at lower price levels. Much of the trade activity was linked to commercials cleaning up positions ahead of the expiration of the December contract, traders said.
Milling wheat and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:36 CST:

		Price	Change
Canola
	Jan	581.60	up 5.70 Mar 580.00 up 6.00 May 580.00 up 6.50 Milling Wheat Dec 297.30 unch Mar 305.30 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 dn 5.00 Mar 253.00 unch