|By Terryn Shiells, Commodity News Service Canada|
|November 29, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:45 CST Thursday, as short covering by fund accounts ahead of month’s end lifted values, analysts said.
Strong technical signals, as canola is expected to find resistance around the C$601 a tonne level, also helped values move to higher ground.
Some of the advances seen in the CBOT soybean complex also spilled over to provide support for canola, according to traders.
Much of the buying that took soybeans higher was linked to concerns about the South American soybean crop getting off to a shaky start.
Slow farmer selling, as they still believe the market is bullish and prices will move higher, also helped to underpin values.
Concerns about tight canola supplies also provided a firm floor for prices. Statistics Canada is expected to further tighten production numbers for canola in its December 5 report.
As of 10:45 CST Thursday, about 6,440 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
|Jan||596.20||up 3.30 Mar 595.70 up 3.10 May 595.50 up 4.30 Milling Wheat Dec 308.00 unch Mar 316.00 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch|