By Phil Franz-Warkentin, Commodity News Service Canada
November 29, 2013
Winnipeg – ICE Futures Canada canola contracts settled near unchanged on Friday, keeping within a narrow range despite the large advances posted in the CBOT soy complex.
Better-than-expected weekly export demand pulled CBOT soybeans higher on Friday, which led to some spillover buying interest in canola.
The Canadian dollar was also weaker on Friday, and the resulting improvement in crush margins kept canola well supported.
However, canola lagged soybeans to the upside as the Canadian market lacked any fresh news of its own. Uncertainty over how sustainable the US gains would be next week also kept some caution in the market, according to a broker.
Canada’s record large canola crop, and logistical issues moving those supplies, remained bearish for canola prices as well.
About 22,106 canola contracts were traded on Friday, which compares with Thursday when 4,480 contracts changed hands. Spreading accounted for 18,898 of the contracts traded.
Milling wheat, durum and barley futures were untraded.
Settlement prices are in Canadian dollars per metric ton.
