ICE Canola Lifted By Short Covering

By Terryn Shiells, Commodity News Service Canada

November 29, 2012

WINNIPEG – Canola contracts on the ICE  Futures Canada platform were trading at stronger price levels at  10:45 CST Thursday, as short covering by fund accounts ahead of  month’s end lifted values, analysts said.

Strong technical signals, as canola is expected to find  resistance around the C$601 a tonne level, also helped values move  to higher ground.

Some of the advances seen in the CBOT soybean complex also  spilled over to provide support for canola, according to traders.

Much of the buying that took soybeans higher was linked to  concerns about the South American soybean crop getting off to a  shaky start.

Slow farmer selling, as they still believe the market is  bullish and prices will move higher, also helped to underpin  values.

Concerns about tight canola supplies also provided a firm  floor for prices. Statistics Canada is expected to further tighten  production numbers for canola in its December 5 report.

As of 10:45 CST Thursday, about 6,440 canola contracts had  traded.

Milling wheat, barley and durum were untraded and unchanged.

Prices in Canadian dollars per metric ton at 10:45  CST:

Price
Change

Canola

Jan
     596.20
up  3.30                  Mar     595.70   up  3.10                  May     595.50   up  4.30 Milling Wheat Dec     308.00     unch                  Mar     316.00     unch Durum Dec     312.00     unch                  Mar     316.00     unch  Barley Dec     245.00     unch                  Mar     248.00     unch

Commodity futures

Futures Prices as of August 29, 2014

Canola Price Change
Jan596.203.30
Mar595.703.10
May595.504.30
Milling Wheat Price Change
Dec308.00
Mar316.00
Durum Price Change
Dec312.00
Mar316.00
New Barley Price Change
Dec245.00
Mar248.00

Prices are in Canadian dollars per metric ton