ICE Canola Follows Soybeans Up

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:
Price Change
Canola
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

Futures Prices as of November 19, 2012

Canola
Price Change
Milling Wheat
2017-12-15 21:28
Price Change
Dec 303.50
Mar 313.00
Durum
2017-12-15 21:28
Price Change
Dec 312.40
Mar 319.00
New Barley
2017-12-15 21:28
Price Change
Dec 250.00
Mar 253.00

Prices are in Canadian dollars per metric ton

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