| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 9, 2012 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were sharply lower at 11:18 CST Friday, as the market dropped in sympathy with the CBOT soy complex. Updated supply/demand estimates released by the USDA this morning were seen as slightly bearish for soybeans, as US soybean production and ending stocks were both revised a little higher than average trade guesses. Private forecaster’s Informa Economics released a separate report predicting US soybean acres next year at 80.1 million acres. That would compare with 77.2 million acres seeded in 2012, and a canola broker said the Informa projection only added to the bearish tone in the oilseed markets. Read AlsoCanadian financial close: C$ firm WednesdayGlacier FarmMedia — The Canadian dollar was slightly firmer on Wednesday. The Canadian dollar settled at US$0.7140 or US$1=C$1.4005,… Scale-down end user demand did provide some support, tempering the losses in canola, according to participants. A lack of farmer selling also provided some support. At 11:18 CST, about 8,600 canola contracts had changed hands with intermonth spreading only a minor factor. Milling wheat, durum, and barley futures were all untraded and unchanged. Prices in Canadian dollars per metric ton at 11:18 CST:Price Change Canola Jan 592.00 dn 8.20 Mar 590.50 dn 7.50 May 588.00 dn 6.70 Milling Wheat Dec 310.30 unch Mar 319.80 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch |
