ICE Canola Corrects Higher

Your reading list

By Phil Franz-Warkentin, Commodity News Service Canada

Dec. 13, 2012

Winnipeg – ICE Canada canola futures were stronger Thursday morning, seeing a modest correction from recent declines.
A firmer tone in the CBOT soy complex provided spillover support for canola, while talk that fresh export demand was uncovered by the latest downturn also helped underpin the futures, according to participants.

Canadian Financial Close: Loonie drops, new record for TSX

Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….

A lack of significant farmer selling, as producers remain content to wait until the New Year to make more sales, was seen as a supportive price influence as well.
The firm Canadian dollar, overnight losses in Malaysian palm oil, and relatively favourable crop conditions for soybeans in South America all served to temper the upside in canola.
A relatively bearish technical outlook for the commodity was also making any advances look like good selling opportunities, according to an analyst.
About 2,100 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:44 CST:Price Change

Canola Jan 590.00 up 3.50

Mar 587.00 up 3.70

May 585.60 up 3.90

Milling Wheat Mar 290.50 unch

May 293.50 unch

Durum Mar 316.00 unch

May 320.00 unch

Barley Mar 248.00 unch

May 249.00 unch