| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 2, 2012 |
| Winnipeg – ICE Canada canola futures were weaker Friday morning, as losses in CBOT soybeans spilled over to weigh on the thinly traded market. Canola remains expensive compared to other oilseeds, leaving the Canadian market vulnerable to profit-taking setbacks when the outside markets turn lower, according to participants. Malaysian palm oil and European rapeseed futures were also softer in overnight activity. Read AlsoCanadian Financial Close: C$ ends steady WednesdayGlacier FarmMedia — The Canadian dollar was steady on the day at Wednesday’s close, recovering from three-week lows relative to… However, ongoing concerns over the size of the Canadian canola crop and the need to ration demand going forward did provide some underlying support. Traders also continue to follow weather reports out of South America closely. Recent rainfall has caused planting delays for the soybean crops in some areas recently, but the industry is still anticipating record production from the region. About 450 canola contracts had traded as of 8:43 CDT. Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning. Prices iPrice Change Canola Jan 613.00 dn 4.90 Mar 610.00 dn 4.10 May 605.80 dn 3.50 Milling Wheat Dec 308.50 unch Mar 318.00 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch n Canadian dollars per metric ton at 8:43 CDT:
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