ICE Canola Up With Follow-Through Buying

By Phil Franz-Warkentin, Commodity News Service Canada

Nov. 27, 2012

Winnipeg – ICE Canada canola futures were stronger  Tuesday morning, seeing some follow-through buying interest on  yesterday’s firmer close.

Monday’s gains were said to have shifted the nearby technical  bias in canola back to the upside, which accounted for some  speculative buying interest, according to participants.

The stronger tone in the CBOT soy complex, brought on by weather  concerns in South America and solid demand for soyoil  internationally, provided spillover support for canola as well.

Concerns over tightening Canadian canola supplies and a lack of  farmer selling were also supportive for canola, according to traders.

However, the upside in canola was limited, as ideas that canola  is overpriced compared to other oilseeds put some pressure on values.

The Canadian dollar was also stronger in early activity, which  cuts into crush margins and makes exports less attractive.

About 700 canola contracts had traded as of 8:40 CST.

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

Prices in Canadian dollars per metric ton at 8:40 CST: 


Price      Change


Canola            Jan     585.80    up  3.40


Mar     582.40    up  0.80


May     582.40    up  0.90


Milling Wheat     Dec     297.30    unch


Mar     305.30    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 April 23, 2014

Canola Price Change
January585.803.40
March582.400.80
May582.400.90
Milling Wheat Price Change
December297.30
March305.30
Durum Price Change
December312.00
March316.00
New Barley Price Change
December245.00
March248.00

Prices are in Canadian dollars per metric ton