November 23, 2012
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at mixed price levels at 10:38 CST Friday, with the nearby contracts experiencing most of the downward price action.
The liquidation of positions ahead of the weekend generated some of the downward price action seen in the nearby canola contracts, according to market watchers.
Generally good conditions for the development of the soybean crop in South America and ideas that canola is overpriced compared to other oilseeds also put downward pressure on values.
Bearish chart signals, as canola nears a strong resistance level of C$580 a tonne also added to the price softness, traders said.
Deferred contracts found spillover support from the advances seen in CBOT soybeans, which was linked to good US export sales, analysts said.
The pricing of old export business by Japanese buyers and slow farmer selling also underpinned some canola values.
As of 10:38 CST, about 7,900 canola contracts had traded.
Durum saw some light activity, with 12 contracts traded at unchanged price levels.
Milling wheat and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CST:
dn 1.60 Mar 575.00 dn 1.20 May 575.40 up 0.20 Milling Wheat Dec 297.30 unch Mar 305.30 unch Durum Dec 312.00 unch Mar 317.00 unch
Futures Prices as of May 24, 2013
Prices are in Canadian dollars per metric ton