ICE Canola Follows Soybeans Higher

By Terryn Shiells, Commodity News Service Canada
November 26, 2012
WINNIPEG – Canola contracts on the ICE  Futures Canada platform were trading at stronger price levels at  10:36 CST Monday, following the advances seen in the CBOT soybean  complex, analysts said.
Much of the buying that took the CBOT soybean complex higher  was linked to news of fresh soyoil export sales, brokers noted.
Concerns about South American weather, as some Brazilian  growing regions are dry and rain is delaying planting in Argentina,  also boosted both canola and soybean values.
The downswing in the value of the Canadian dollar also helped  to underpin canola prices, as it made the commodity less expensive  to foreign buyers.
The need to encourage farmer selling, as producers have been  holding off and waiting for higher prices, also added to the  bullish price sentiment.
As of 10:36 CST Monday, about 6,360 canola contracts had  traded.
Barley contracts saw some light activity, with 5 contracts  traded at lower price levels. Much of the trade activity was linked  to commercials cleaning up positions ahead of the expiration of  the December contract, traders said.
Milling wheat and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:36  CST:
Price Change
Canola
Jan      581.60 up  5.70                  Mar     580.00   up  6.00                  May     580.00   up  6.50 Milling Wheat Dec     297.30     unch                  Mar     305.30     unch Durum Dec     312.00     unch                  Mar     316.00     unch  Barley Dec     245.00   dn  5.00                  Mar     253.00     unch

Futures Prices as of November 26, 2012

Canola
Price Change
Milling Wheat
2017-11-24 00:36
Price Change
Dec 297.30
Mar 305.30
Durum
2017-11-24 00:36
Price Change
Dec 312.00
Mar 316.00
New Barley
2017-11-24 00:36
Price Change
Dec 245.00 5.00
Mar 253.00

Prices are in Canadian dollars per metric ton

explore

Stories from our other publications