| By Phil Franz-Warkentin, Commodity News Service Canada |
| Nov. 27, 2012 |
| Winnipeg – ICE Canada canola futures were stronger Tuesday morning, seeing some follow-through buying interest on yesterday’s firmer close. Monday’s gains were said to have shifted the nearby technical bias in canola back to the upside, which accounted for some speculative buying interest, according to participants. 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… Concerns over tightening Canadian canola supplies and a lack of farmer selling were also supportive for canola, according to traders. However, the upside in canola was limited, as ideas that canola is overpriced compared to other oilseeds put some pressure on values. The Canadian dollar was also stronger in early activity, which cuts into crush margins and makes exports less attractive. About 700 canola contracts had traded as of 8:40 CST. Milling wheat, durum, and barley futures were all untraded and unchanged Tuesday morning. Prices in Canadian dollars per metric ton at 8:40 CST: Price Change Canola Jan 585.80 up 3.40 Mar 582.40 up 0.80 May 582.40 up 0.90 Milling Wheat Dec 297.30 unch Mar 305.30 unch Durum Dec 312.00 unch Mar 316.00 unch Barley Dec 245.00 unch Mar 248.00 unch |
