ICE Canada Review: Canola Up, But Well Off Highs

By Phil Franz-Warkentin, Commodity News Service Canada

Feb. 1, 2013

Winnipeg – ICE Futures Canada canola contracts closed with small gains on Friday, finishing well off their highs for the session as the early buying interest ran out of steam and profit-taking came forward ahead of the weekend.

Bullish technical signals were behind much of the early strength in canola, with some speculative buy-stops hit as prices climbed higher, according to participants.

In addition to the bullish technical signals, end-user demand was also supportive. Exporters and domestic crushers were both said to be on the buy side, as they work to secure coverage of the ever tightening western Canadian supplies.

Gains in CBOT soybeans provided some spillover support as well. However, soybeans settled well off their highs, which tempered the upside potential in canola. Scale-up farmer selling and late day profit-taking kept a lid on the canola market, according to traders.

About 29,146 canola contracts were traded on Friday, which compares with Thursday when 27,071 contracts changed hands. Spreading accounted for about 24,008 of the contracts traded.

Milling wheat, durum, and barley futures were untraded and unchanged.

Settlement prices are in Canadian dollars per metric ton.

Futures Prices as of February 1, 2013

Price Change
Milling Wheat
2017-12-16 20:41
Price Change
March 291.00
May 294.00
2017-12-16 20:41
Price Change
March 312.40
May 316.40
New Barley
2017-12-16 20:41
Price Change
March 241.50
May 242.50

Prices are in Canadian dollars per metric ton


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