By Terryn Shiells, Commodity News Service Canada
October 11, 2013
WINNIPEG – ICE Futures Canada canola contracts closed weaker on Friday, as traders were liquidating positions ahead of the Canadian thanksgiving long weekend. ICE Futures Canada will be closed on Monday, October 14.
Much of the weakness in canola futures was linked to spillover pressure from the sharp declines seen in Chicago soybeans and soyoil, analysts said.
Pressure from the advancing North American oilseed harvest further undermined values, as did firmness in the value of the Canadian dollar.
Expectations that the Canadian canola crop will exceed 16 million tonnes continued to overhang the market.
However, the losses were limited by strong commercial demand.
About 32,554 canola contracts were traded on Friday, which compares with Thursday when 30,468 contracts changed hands.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
