By Terryn Shiells, Commodity News Service Canada
October 25, 2013
WINNIPEG – ICE Futures Canada canola contracts closed lower on Friday, undermined by spillover pressure from the losses seen in Chicago soyoil, analysts said.
The liquidation of positions ahead of the weekend and the upcoming expiry of the November contract also fuelled some of the declines.
A pickup in farmer selling, as producers are taking advantage of recent price premiums, added to the bearish tone.
The large Canadian canola stocks situation further weighed on prices, as did pressure from the advancing US soybean harvest.
However, the losses were limited by weakness in the value of the Canadian dollar, which was down another fifth of a cent on Friday. The weaker currency made canola more attractive to exporters and crushers.
About 23,901 canola contracts were traded on Friday, which compares with Thursday when 36,296 contracts changed hands. Spreading was a feature of the trade, and accounted for 17,114 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
