ICE Canola Down With Soybeans

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By Phil Franz-Warkentin, Commodity News Service Canada

Nov. 16, 2012

Winnipeg – ICE Canada canola futures were weaker Friday morning, as losses in outside oilseed markets spilled over to weigh on values.
CBOT soybeans, Malaysian palm oil, and European rapeseed futures were all lower in overnight activity. Some of the weakness in the oilseeds was tied to the favourable crop conditions for soybeans in South America. Reports that China may be cancelling some purchases of US beans were also bearish.

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Technical signals were pointing lower for canola as well, according to analysts. However, downside support was still holding in early activity, and oversold price sentiment helped limit the losses.
The ongoing concerns over tightening Canadian canola supplies, and the need to ration demand, did provide some underlying support for canola as well, according to participants.
About 1,800 canola contracts had traded as of 8:46 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:46 CST:Price Change

Canola Jan 575.50 dn 5.00

Mar 573.50 dn 5.50

May 571.90 dn 5.00

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