|By Phil Franz-Warkentin, Commodity News Service Canada|
|Nov. 15, 2012|
|Winnipeg – ICE Canada canola futures were higher Thursday morning, seeing some follow-through buying interest on Wednesday’s firmer close.
Ideas that the sharp declines earlier this week were overdone continued to account for some of the strength in canola, according to participants. Exporter and domestic crusher demand was also a feature, as supplies are expected to be tight going forward and the recent losses were seen as a good buying opportunity.
Advances in CBOT soyoil provided some further support. However, soybeans were down in early activity.
A slightly firmer tone in the Canadian dollar and the relatively favourable South American crop prospects also tempered the gains in canola.
About 1,200 canola contracts had traded as of 8:46 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:46 CST:Price Change
Canola Jan 589.00 up 4.40
Mar 587.30 up 4.40
May 586.70 up 5.40
Milling Wheat Dec 307.00 unch
Mar 316.50 unch
Durum Dec 312.40 unch
Mar 319.00 unch
Barley Dec 250.00 unch
Mar 253.00 unch