ICE Canola Corrects Higher

By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 13, 2012
Winnipeg – ICE Canada canola futures were stronger  Thursday morning, seeing a modest correction from recent declines.
A firmer tone in the CBOT soy complex provided spillover support  for canola, while talk that fresh export demand was uncovered by the  latest downturn also helped underpin the futures, according to  participants.

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A lack of significant farmer selling, as producers remain  content to wait until the New Year to make more sales, was seen as  a supportive price influence as well.
The firm Canadian dollar, overnight losses in Malaysian palm  oil, and relatively favourable crop conditions for soybeans in South  America all served to temper the upside in canola.
A relatively bearish technical outlook for the commodity was  also making any advances look like good selling opportunities,  according to an analyst.
About 2,100 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:44 CST:Price      Change

Canola            Jan     590.00    up  3.50

Mar     587.00    up  3.70

May     585.60    up  3.90

Milling Wheat     Mar     290.50    unch

May     293.50    unch

Durum             Mar     316.00    unch

May     320.00    unch

Barley            Mar     248.00    unch

May     249.00    unch

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