By Terryn Shiells, Commodity News Service Canada
September 27, 2013
WINNIPEG – ICE Futures Canada canola contracts closed fractionally firmer on Friday as traders covered their positions ahead of the weekend and Monday’s quarterly USDA stocks report.
Strong commercial demand and routine exporter and crusher buying helped to underpin values, analysts said.
Concerns about delayed harvest progress in Western Canada, due to recent heavy rains in some areas, were also bullish.
However, farmers are expected to continue harvesting a record large canola crop at a strong pace next week amid favourable weather in Western Canada.
Spillover pressure from the losses seen in Chicago soyoil futures was bearish, as was a pickup in farmer selling.
About 26,378 canola contracts were traded on Friday, which compares with Thursday when 24,811 contracts changed hands. Spreading accounted for 16,314 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged following price revisions after the close on Thursday.
Settlement prices are in Canadian dollars per metric ton.
