| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 5, 2012 |
| Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:38 CST Monday, as bearish technical signals weighed on values. Losses in the CBOT soy complex provided the catalyst for the speculative selling in canola, with the move below C$600 per tonne in the most active January contract exaggerating the downward move. Relatively favourable South American weather conditions for soybean crops there were bearish for the oilseeds in general, according to participants. Read AlsoCanadian Financial Close: C$ firm FridayGlacier FarmMedia — The Canadian dollar strengthened Friday, as dovish comments out of the United States Federal Reserve weighed on… Volumes were on the light side, as traders were awaiting a couple of potentially market moving events later in the week including the US election on Tuesday and the USDA’s latest supply/demand report on Friday. A lack of farmer selling provided some underlying support for canola, as producers were said to be taking a step back from the market, according to a broker. Ongoing concerns over the size of the Canadian canola crop, and the need to ration demand going forward, also helped limit the losses. At 10:38 CST, about 5,600 canola contracts had changed hands. Milling wheat, durum, and barley futures were all untraded and unchanged. Prices in Canadian dollars per metric ton at 10:38 CST:Price Change Canola Jan 597.50 dn 5.60 Mar 593.50 dn 5.40 May 588.50 dn 4.40 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 |
