ICE Canola Higher, Following CBOT Soybeans

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By Terryn Shiells, Commodity News Service Canada

December 3, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at firmer price levels at 8:30 CST Monday, following the advances seen in the CBOT soybean complex, analysts said.

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Much of the buying that took CBOT soybeans higher was linked to strong export demand and the downswing in the value of the US dollar.
Concerns about the South American soybean crop, as some areas are in need of rain, also helped both canola and soybeans move to higher ground.
A general “risk-on” sentiment in the market, sparked by positive economic news out of Greece, also underpinned canola values.
Slow farmer selling, as producers continue to wait for stronger prices, also added to the bullish price sentiment.
Advances seen in European rapeseed futures during overnight trade were also supportive for canola values, participants said.
As of 8:30 CST Monday, about 2,066 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:

		Price	Change
Canola
	Jan	597.50	up 3.20 Mar 597.00 up 2.90 May 596.00 up 3.40 Milling Wheat Dec 300.60 unch Mar 308.60 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch