| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 28, 2012 |
| Winnipeg – ICE Canada canola futures were slightly weaker Wednesday morning, as the market saw some consolidation and traders took profits on the gains posted earlier in the week. The overall technical trend in canola remains bearish overall, according to analysts who said the recent strength in the market should be encouraging some speculative profit-taking. 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… South American crop prospects kept some caution in the futures overall. While recent dryness in Brazil and excessive moisture in Argentina has supported the oilseed markets recently, record large soybean production is still likely from the region. A lack of significant farmer selling together with steady end user demand provided underlying support for canola, said traders. About 1,500 canola contracts had traded as of 8:40 CST. Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning. Prices in Canadian dollars per metric ton at 8:40 CST:Price Change Canola Jan 591.20 dn 0.80 Mar 590.70 dn 0.70 May 589.90 dn 0.80 Milling Wheat Dec 302.40 unch Mar 310.40 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch |
