By Terryn Shiells, Commodity News Service Canada
October 7, 2013
WINNIPEG – ICE Futures Canada canola contracts closed slightly higher on Monday, taking back most of the gains seen earlier in the trading session.
Strong end user demand, due to good crush margins and attractive prices, contributed to the early advances in canola.
The downswing in the value of the Canadian dollar added to the bullish tone, as did a slowdown in farmer selling now that harvest is nearing completion.
However, the canola market only finished fractionally stronger, as spillover pressure from the losses seen in Chicago soyoil futures took prices lower.
Harvest pressure in Western Canada and expectations that the Canadian canola crop will produce more than 16 million tonnes were bearish as well.
About 17,366 canola contracts were traded on Monday, which compares with Friday when 31,454 contracts changed hands.
Milling wheat and durum and barley prices were untraded and unchanged. Barley futures saw 10 contracts traded in the December contract at a slightly lower price.
Settlement prices are in Canadian dollars per metric ton.
