ICE Canola Outperforming CBOT Soybeans

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By Terryn Shiells, Commodity News Service Canada

November 28, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:32 CST Wednesday, outperforming CBOT soybeans, which were trading mostly lower at midday.

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Much of the independent strength was linked to canola catching up after lagging behind soybeans by about $15 a tonne last week, one broker noted.
Slow farmer selling, as most producers are waiting for higher prices, also supported canola values. One broker noted farmers probably won’t start selling aggressively until after the New Year.
Concerns about weather in South America, as some areas are too wet, while others are too dry, and a pickup in commercial buying, also underpinned canola values.
However, profit-taking following a recent rally, and the upswing in the value of the Canadian dollar, helped to slow the advances.
As of 10:32 CST Wednesday, about 4,725 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:32 CST:

		Price	Change
Canola
	Jan	593.90	up 1.90 Mar 593.00 up 1.60 May 592.70 up 2.00 Milling Wheat Dec 310.40 unch Mar 305.30 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch