By Terryn Shiells, Commodity News Service Canada
September 26, 2013
WINNIPEG – ICE Futures Canada canola contracts closed weaker on Thursday, following the losses seen in the Chicago soy complex, analysts said.
Continued pressure from advancing harvest activities in Western Canada added to the bearish tone, as did good yield reports and expectations that Canada’s canola crop will be record large.
However, the losses were limited by a slowdown in farmer selling, due to rains disrupting harvest in some parts of Saskatchewan.
Routine buying from crushers and exporters helped to keep a firm floor under the market.
Activity was choppy throughout the day as traders positioned themselves ahead of Monday’s USDA stocks report.
About 24,811 canola contracts were traded on Thursday, which compares with Wednesday when 26,832 contracts changed hands. Spreading accounted for 12,034 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged following price revisions after the close on Wednesday.
Settlement prices are in Canadian dollars per metric ton.
