ICE Canola Follows Soybeans To The Upside

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By Terryn Shiells, Commodity News Service Canada

October 24, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 8:31 CDT Wednesday, following the advances seen in the CBOT soybean complex, analysts said.

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Much of the buying that took CBOT soybeans to higher ground was sparked by tight supply concerns and strong export and domestic demand, participants said.
Advances posted by European rapeseed and Malaysian palm oil futures during overnight trade also helped canola values move to the upside.
Talk of recently completed Canadian canola export business also lifted values, though no out of the ordinary sales were confirmed, market watchers said.
Strong domestic crusher demand and a slowdown in farmer selling into the cash pipeline also fuelled some of the advances in canola.

However, profit-taking following recent advances and generally good conditions for the planting and development of soybeans in South America limited the gains, brokers said.
As of 8:31 CDT, about 1,750 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.

Prices in Canadian dollars per metric ton at 8:31 CDT:

		Price	Change
Canola
	Nov	618.90	up 1.70 Jan 618.80 up 2.30 Mar 618.70 up 3.90 Milling Wheat Dec 307.50 unch Mar 317.00 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch