ICE Canola Mixed In Choppy Trade

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By Phil Franz-Warkentin, Commodity News Service Canada

Oct. 30, 2012

Winnipeg – ICE Canada canola futures were narrowly mixed Tuesday morning, lacking any clear direction in thin volumes.
A firmer tone in the CBOT soy complex was lending some spillover support to canola, according to participants. However, canola held up reasonably well on Monday, when soybeans dropped lower, and the Canadian market did not have as much room to the upside as a result.

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The Canadian dollar was trading back above parity with its US counterpart on Tuesday, which was slightly bearish for canola prices. However, exporters and domestic crushers were still said to be showing good demand, given the tightening supply situation in western Canada.
Expectations for a large South American soybean crop were overhanging the oilseed markets, although there is still a long growing season ahead in the region and traders were keeping some weather premiums in the futures.
US financial markets in New York remain closed for the second day in a row due to Hurricane Sandy. As a result, trade in the agricultural commodities was expected to be choppy on Tuesday.
About 1,250 canola contracts had traded as of 8:42 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:42 CDT: