By Dave Sims, Commodity News Service Canada
WINNIPEG, December 12 – Canola contracts on the ICE Futures Canada platform were slightly stronger on choppy trading at 10:40 CST Friday, as a turnaround in soyoil, and a lack of farmer selling, boosted values.
“To some extent I guess a lack of aggressive selling in here is holding canola together,” said a trader.
He added the January/March spread had been very active with about three thousand contracts moved.
“That is contributing a big way to our volume today,” he said.
Strength in US corn contributed to spillover support for canola, said the trader.
However, improved prospects for development of the soybean crop in South America were bearish.
Malaysian palm oil was weaker which limited the gains.
Around 12,000 contracts had traded as of 10:40 CST, Friday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
Price Change
Canola Jan 437.30 up 2.30
Mar 433.30 up 2.90
May 432.30 up 1.60
Milling Wheat Mar 232.00 unch
May 235.00 unch
Durum Mar 357.50 unch
May 357.50 unch
Barley Mar 177.00 unch
May 179.00 unch
