ICE Canola Modestly Lower With Profit-Taking

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By Terryn Shiells, Commodity News Service Canada

October 25, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at modestly lower price levels at 8:27 CDT Thursday, as profit-taking following recent advances weighed on values, traders said.

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Losses seen in the CBOT soybean complex Thursday morning also spilled over to push canola futures lower. Profit-taking also generated the price softness seen in soybeans, analysts said.
Forecasts calling for beneficial weather for the planting and development of soybeans in South America next week also fuelled some of the declines in both CBOT soybeans and canola.
Canola was also influenced by European rapeseed futures, which were also modestly lower during overnight trade.
However, continued concerns about the tight Canadian canola supply situation helped to slow the losses, market watchers said.
Strong demand from exporters and domestic crushers also underpinned canola Thursday morning.
As of 8:27 CDT, about 2,300 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:27 CDT:

		Price	Change
Canola
	Nov	622.00	dn 0.60 Jan 621.40 dn 0.70 Mar 619.00 dn 0.90 Milling Wheat Dec 309.90 unch Mar 319.40 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch