ICE Canola Slightly Higher Amid Choppy Trade

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By Terryn Shiells, Commodity News Service Canada

November 20, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly firmer price levels at 10:38 CST Tuesday, amid choppy trade due to the upcoming US Thanksgiving holiday, analysts said.

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Many traders in the US were exiting positions ahead of the US Thanksgiving holiday on Thursday, creating a choppy trade environment for the CBOT soybean complex, which also spilled over into canola, according to analysts.
Canola futures followed the CBOT soybean complex slightly higher, but were lagging behind a little bit because canola is trading at a premium compared to soybeans, one trader noted.
Continued concerns about tight Canadian canola supplies and the need to ration demand also provided some support for canola values.
However, beneficial weather for the development of the soybean crop in South America slowed the advances, market watchers said.
General firmness in the value of the Canadian dollar, as it remained above parity with its US counterpart, also tempered the gains.

As of 10:38 CST, about 4,555 canola contracts had traded.
Durum contracts also experienced some activity as of 10:38 CST, with 15 contracts traded at a slightly lower price level.
Milling wheat and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CST:

		Price	Change
Canola
	Jan	580.60	up 0.70 Mar 578.00 up 0.60 May 576.50 up 0.30 Milling Wheat Dec 300.20 unch Mar 309.70 unch Durum Dec 311.80 dn 0.10 Mar 318.50 unch Barley Dec 250.00 unch Mar 253.00 unch