| By Terryn Shiells, Commodity News Service Canada |
| December 6, 2012 |
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:30 CST Thursday, as Wednesday’s advances were seen as overdone and in need of a downward correction, analysts said.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… The taking of profits following Wednesday’s advances also fuelled some of the declines in canola, market watchers said. The upswing in the value of the Canadian dollar also added to the bearish price sentiment, as it made canola more expensive to foreign buyers. Ideas that canola is overpriced compared to other oilseeds were also responsible for some of the downward price slide, traders said. However, advances seen in outside oilseed markets, including the CBOT soybean complex, European rapeseed and Malaysian palm oil, helped to slow the declines. Uncertainty about the soybean crop in South America, as adverse weather has caused some production problems there, also underpinned canola values. As of 8:30 CST Thursday, about 1,550 canola contracts had traded. Milling wheat, barley and durum were untraded and unchanged. Prices in Canadian dollars per metric ton at 8:30 CST: |
| Price | Change | ||
| Canola | |||
| Jan | 599.50 | dn 2.70 Mar 597.00 dn 3.00 May 594.80 dn 3.90 Milling Wheat Dec 296.00 unch Mar 304.00 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch | |
