|By Terryn Shiells, Commodity News Service Canada|
|November 19, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:40 CST Monday, following the advances seen in the CBOT soybean complex, analysts said.
Much of the strength in the CBOT soybean complex was linked to talk of fresh export sales, according to traders.
Slow farmer selling, as they’re holding out for higher prices, also helped canola values move to higher ground.
Sentiment that the market is oversold and needed a correction to the upside also helped to lift canola values, participants said.
However, the upswing in the value of the Canadian dollar, as it soared above parity with its US counterpart, limited the advances.
Expectations for a large South American soybean crop due to beneficial weather for the development of the crop there also undermined values.
Activity was on the lighter side at midday Monday, as funds were on the sidelines due to neutral chart signals, brokers noted.
As of 10:40 CDT, about 4,810 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
|Jan||580.80||up 5.10 Mar 578.00 up 4.70 May 576.70 up 5.10 Milling Wheat Dec 303.50 unch Mar 313.00 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch|