ICE Canola Up With Follow-Through Buying

By Phil Franz-Warkentin, Commodity News Service Canada
Nov. 27, 2012
Winnipeg – ICE Canada canola futures were stronger  Tuesday morning, seeing some follow-through buying interest on  yesterday’s firmer close.
Monday’s gains were said to have shifted the nearby technical  bias in canola back to the upside, which accounted for some  speculative buying interest, according to participants.
The stronger tone in the CBOT soy complex, brought on by weather  concerns in South America and solid demand for soyoil  internationally, provided spillover support for canola as well.
Concerns over tightening Canadian canola supplies and a lack of  farmer selling were also supportive for canola, according to traders.
However, the upside in canola was limited, as ideas that canola  is overpriced compared to other oilseeds put some pressure on values.
The Canadian dollar was also stronger in early activity, which  cuts into crush margins and makes exports less attractive.
About 700 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and  unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:40 CST: 

Price      Change

Canola            Jan     585.80    up  3.40

Mar     582.40    up  0.80

May     582.40    up  0.90

Milling Wheat     Dec     297.30    unch

Mar     305.30    unch

Durum             Dec     312.00    unch

Mar     316.00    unch

Barley            Dec     245.00    unch

Mar     248.00    unch

Futures Prices as of November 27, 2012

Price Change
Milling Wheat
2018-01-23 04:25
Price Change
December 297.30
March 305.30
2018-01-23 04:25
Price Change
December 312.00
March 316.00
New Barley
2018-01-23 04:25
Price Change
December 245.00
March 248.00

Prices are in Canadian dollars per metric ton


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