By Terryn Shiells, Commodity News Service Canada
December 5, 2013
WINNIPEG – ICE Futures Canada Canola contracts were little changed on Thursday, following a day of choppy activity.
Nearby canola futures posted small gains, as they were underpinned by spillover support from the advances seen in Chicago soyoil values.
Further support came from strong buying interest from crushers, as margins are very attractive due to the weakening Canadian dollar.
On the other side, Wednesday’s shockingly large 18.0 million tonne Canadian canola crop estimate from Statistics Canada continued to overhang the market.
Expectations that there will be a large carryout of canola supplies in Canada due to logistical problems were also bearish.
About 40,298 canola contracts were traded on Thursday, which compares with Wednesday’s record large volume of 51,705 contracts. Much of the activity was linked to spreading, as it accounted for 39,124 of the trades.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
