|By Terryn Shiells, Commodity News Service Canada|
|November 21, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly lower price levels at 10:44 CST Wednesday, following the losses in the CBOT soybean complex, analysts said.
Much of the selling that took soybeans to lower ground was linked to good growing conditions for the South American soybean crop.
The strong Canadian dollar, as it remained above parity with its US counterpart, also undermined canola values, as it made the commodity more expensive for foreign buyers.
However, a pickup in commercial buying by domestic crushers at the lows helped to slow the declines, according to market watchers.
Slow farmer selling, as they’re waiting for higher prices, also underpinned canola values.
As of 10:44 CST, about 6,895 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:44 CST:
|Jan||578.50||dn 1.10 Mar 575.40 dn 1.70 May 574.30 dn 1.30 Milling Wheat Dec 300.20 unch Mar 309.70 unch Durum Dec 311.80 unch Mar 318.40 unch Barley Dec 250.00 unch Mar 253.00 unch|