By Phil Franz-Warkentin, Commodity News Service Canada
October 31, 2013
Winnipeg – ICE Futures Canada canola contracts closed lower on Thursday, as a downturn in the CBOT soy complex spilled over to weigh on prices.
CBOT soybeans turned lower on Thursday despite relatively favourable export data released by the USDA. Without any supportive outside influence to underpin canola, the Canadian futures moved lower as well, said participants.
A firmer tone in the Canadian dollar contributed to the eventual declines in canola, according to participants.
However, steady commercial demand did help underpin the market. A lack of significant farmer selling also served to keep canola rangebound overall.
About 25,036 canola contracts were traded on Thursday, which compares with Wednesday when 27,284 contracts changed hands. Spreading accounted for 16,032 of the contracts traded.
Milling wheat, durum and barley futures were untraded after wheat saw some price adjustments following Wednesday’s close.
Settlement prices are in Canadian dollars per metric ton.
