By Phil Franz-Warkentin, Commodity News Service Canada
November 1, 2013
Winnipeg – ICE Futures Canada canola contracts closed lower on Friday, backing away from earlier advances as selling came forward at the highs.
Solid end user demand from domestic crushers, coupled with a lack of significant farmer selling did provide some support for canola, said traders.
However, prices ran into upside resistance at just under C$500 dollars in the January contract, and speculative selling came forward to weigh on values. Losses in CBOT soybeans also spilled over to weigh on the Canadian prices, despite the firmer tone in soyoil.
The record large crop grown in Western Canada this year also remains a bearish influence overhanging the market, said traders.
About 23,206 canola contracts were traded on Friday, which compares with Thursday when 25,036 contracts changed hands. Spreading accounted for 12,324 of the contracts traded.
Milling wheat, durum and barley futures were untraded.
Settlement prices are in Canadian dollars per metric ton.
