By Terryn Shiells, Commodity News Service Canada
October 21, 2013
WINNIPEG – ICE Futures Canada canola contracts closed stronger on Monday, lifted by spillover support from the gains seen in Chicago soybeans, analysts said.
A slowdown in farmer selling, as producers are waiting for stronger prices now that harvest is almost complete, added to the bullish tone.
Some speculative based short covering further underpinned prices, as did strong end user and export demand for Canadian canola.
However, the gains were limited by pressure from the advancing soybean harvest in the US.
Adding to the bearish tone were expectations that the South American soybean crop, which is in its early planting stages, will be record large.
About 32,270 canola contracts were traded on Monday, which compares with Friday when 22,021 contracts changed hands. Spreading accounted for 21,254 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
