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ICE Canola Drifts Lower

By Phil Franz-Warkentin, Commodity News Service Canada

Dec. 11, 2012

Winnipeg – ICE Canada canola futures were mostly weaker Tuesday morning, as a softer tone in CBOT soybeans and a lack of any major surprises in the updated USDA supply/demand projections weighed on prices.

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Ending stocks of US soybeans at the end of the current crop year were revised down to 130 million bushels by the USDA, from 140 million in the previous report. While the tighter US stocks were a little supportive for the oilseed markets in general, global supply projections were left relatively unchanged and soybeans drifted lower.
Overnight losses in Malaysian palm oil contributed to the declines in canola, as palm oil prices were testing chart support.
Uncertain South American production prospects did keep some caution in the markets, according to participants, although current conditions look relatively favourable for crop development.
Ongoing concerns over tightening canola supplies in western Canada, and the need to ration demand going forward, did provide some underlying support for canola, according to traders.

About 2,100 canola contracts had traded as of 8:41 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:41 CST:Price Change

Canola Jan 597.00 dn 1.10

Mar 594.40 dn 0.80

May 594.40 up 0.80

Milling Wheat Dec 286.00 unch

Mar 298.50 unch

Durum Dec 312.00 unch

Mar 316.00 unch

Barley Dec 245.00 unch

Mar 248.00 unch