By Phil Franz-Warkentin, Commodity News Service Canada
November 25, 2013
Winnipeg – ICE Futures Canada canola contracts bounced around both sides of unchanged on Monday, but managed to settle with small advances as gains in CBOT soybeans provided some support.
Canola started the day on a weaker footing, as a lack of follow-through buying interest on last week’s advances and declines in CBOT soyoil saw the Canadian futures consolidate within a narrow range, said traders.
Record large Canadian canola supplies and the likelihood of burdensome ending stocks were also overhanging the market, although steady end user demand did provide some support.
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Canola managed to edge back to the plus side late in the day, as CBOT soybeans turned higher. The weaker tone in the Canadian dollar, which was down by about a third of a cent relative to its US counterpart, was also supportive.
About 29,454 canola contracts were traded on Monday, which compares with Friday when 35,176 contracts changed hands. Spreading accounted for 18,198 of the contracts traded.
Milling wheat, durum and barley futures were untraded.
Settlement prices are in Canadian dollars per metric ton.
