By Terryn Shiells, Commodity News Service Canada
December 30, 2013
WINNIPEG – ICE Futures Canada Canola contracts were stronger on Monday, as fund accounts were booking profits on their short positions ahead of the New Year, analysts said.
Some of the buying was also linked to oversold sentiment and ideas that canola is more attractively priced than other oilseeds.
Further support came after the fund short covering triggered buy stops on the way up and purchases from other traders, brokers added.
However, the advances were limited by spillover pressure from the declines seen in Chicago soybeans and soyoil.
The upswing in the value of the Canadian dollar and the large Canadian canola supply situation were also bearish.
About 23,558 canola contracts were traded on Monday, which compares with Friday when 21,603 contracts changed hands. Spreading accounted for 15,534 of the trades.
Milling wheat, durum and barley prices were untraded following price revisions after the close on Friday.
Settlement prices are in Canadian dollars per metric ton.
