| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 7, 2012 |
Winnipeg – Canola contracts on the ICE Futures Canada platform were mixed at 11:04 CST Wednesday, with small losses in the most active front months but a firmer tone in some of the lightly traded deferred positions.Read AlsoCanadian Financial Close: C$ softens TuesdayGlacier FarmMedia — The Canadian dollar was slightly weaker on Monday, as the latest inflation data The Canadian dollar settled… Volumes were light in canola, with speculators and commercials on both sides of the market, according to participants. Solid end-user demand did remain supportive for canola overall, as exporters and domestic crushers continue to offer good basis opportunities in western Canada in an effort to secure some of the ever tightening supplies from producers, said a trader. The Canadian dollar was weaker on Wednesday, which provided some further support for canola. However, while end users are currently showing good demand, a trader cautioned that the market will eventually do its job of rationing some of that buying interest. Relatively favourable crop prospects for soybeans in South America were also weighing on canola, said a trader. In addition, the technical trend in canola was said to be looking bearish according to some analysts, with any attempts at taking prices higher likely seen as a good selling opportunity. At 11:04 CST, about 4,600 canola contracts had changed hands with intermonth spreading only a minor factor. Milling wheat, durum, and barley futures were all untraded and unchanged. Prices in Canadian dollars per metric ton at 11:04 CST: Price Change Canola Jan 599.60 dn 0.90 Mar 596.40 dn 0.90 May 592.50 unch Milling Wheat Dec 308.50 unch Mar 318.00 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch |
