By Terryn Shiells, Commodity News Service Canada Inc
October 22, 2013
Winnipeg – ICE Futures Canada canola contracts closed firmer on Tuesday, with good demand and rumours of fresh export business underpinning values, analysts said.
Speculative based buying and a slowdown in farmer selling, as producers are storing their canola now that harvest is nearly complete, further underpinned values.
A positive technical bias, which encouraged chart-based buying, kept a firm floor under the market.
However, the advances were limited by expectations of a record large South American soybean crop and strength in the value of the Canadian dollar.
Pressure from the advancing soybean harvest in the US was also bearish, as was spillover from the losses seen in the Chicago soy complex.
About 26,344 canola contracts were traded on Tuesday, which compares with Monday when 32,270 contracts changed hands. Spreading accounted for 17,710 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
