ICE Canola Down, Following CBOT Soybeans

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By Terryn Shiells, Commodity News Service Canada

November 30, 2012

WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at softer price levels at 10:47 CST Friday, following the losses in the CBOT soybean complex, according to analysts.

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Much of the price softness in the CBOT soybean complex was linked to the liquidation of long positions by speculative accounts, market watchers said.
The taking of profits following a recent rally, and ahead of the weekend, also helped both canola and soybean values move to lower ground.
Losses seen in outside oilseed markets overnight, including Malaysian palm oil and European rapeseed, also added to the bearish price sentiment.
However, slow farmer selling as many producers continue to wait for stronger prices, limited the declines.
The downswing in the value of the Canadian dollar also slowed the losses, as it made canola less expensive for foreign buyers.
As of 10:47 CST Friday, about 4,580 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:47 CST:

		Price	Change
Canola
	Jan	590.80	dn 6.40 Mar 590.30 dn 6.90 May 590.90 dn 4.80 Milling Wheat Dec 308.00 unch Mar 316.00 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch

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