| By Phil Franz-Warkentin, Commodity News Service Canada |
| Dec. 3, 2012 |
| Winnipeg – ICE Futures Canada canola contracts were lower at Monday’s close, retreating from earlier advances as speculative profit-taking weighed on values. After initially moving up in sympathy with CBOT soybeans, canola eventually turned lower as the rally in soybeans ran out of steam, said participants. Read AlsoCanadian Financial Close: C$ softens TuesdayGlacier FarmMedia — The Canadian dollar was slightly weaker on Monday, as the latest inflation data The Canadian dollar settled… Technical resistance was also a factor, as the January canola contract briefly tested the psychological C$600 per tonne level in overnight activity before retreating. The losses were tempered by a lack of significant farmer selling, with most producers now content to wait until the New Year to make more sales. Scale-down end user demand was also supportive. Statistics Canada releases its final production estimates of the year on Wednesday, December 5, and positioning ahead of the report was a feature. General expectations on the size of the canola crop ranging from about 13 million to 14 million tonnes. About 13,332 canola contracts were traded on Monday, which compares with Friday when 11,659 contracts changed hands. Spreading was a feature, accounting for about 10,342 of the contracts traded. Milling wheat, durum and barley futures were untraded and unchanged. Settlement prices are in Canadian dollars per metric ton.Price Change Canola Jan 591.90 dn 2.40 Mar 591.50 dn 2.60 May 590.80 dn 1.80 Milling Wheat Dec 300.60 unch Mar 308.60 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch |
