| By Terryn Shiells, Commodity News Service Canada |
| December 19, 2012 |
| WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at firmer price levels at 8:30 CST Wednesday, consolidating after Tuesday’s sharp declines, analysts said. Firmness seen in the CBOT soybean complex Wednesday morning was also seen as supportive for canola. Much of the strength in the CBOT soybean complex was linked to strong demand and technical buying. Read AlsoNorth American Grain/Oilseed Review: Prices drop after USDA November estimatesGlacier FarmMedia -– Canola futures erased earlier gains to end Friday in the red after declines in United States grains… A lack of significant farmer selling, firmness in the cash market and tight supply concerns also added to the bullish price sentiment. However, losses seen in Malaysian palm oil and European rapeseed futures during overnight trade, helped to slow the advances. Talk that weather in South America is generally good for the development of soybean crops there was also an undermining price influence. Activity was on the light side on Wednesday morning. As of 8:30 CST Wednesday, about 640 canola contracts had traded. Milling wheat, barley and durum were untraded and unchanged. Prices in Canadian dollars per metric ton at 8:30 CST: |
