By Phil Franz-Warkentin, Commodity News Service Canada
November 14, 2013
Winnipeg – ICE Futures Canada canola contracts were stronger on Thursday, boosted by good end user buying interest and supportive technical signals.
With CBOT soyoil moving higher for most of the day and the Canadian dollar weakening, the combination of firmer product values and the softer currency was supportive for crush margins and domestic processors were noted buyers, according to participants.
A lack of fund selling together with only routine farmer selling on the other side also helped underpin the futures, with the nearby chart signals said to be supportive.
However, resistance still held to the upside, keeping canola rangebound overall.
Declines in CBOT soybeans, the large Canadian supply situation, and the good crop prospects in South America also tempered the advances.
About 29,771 canola contracts were traded on Thursday, which compares with Wednesday when 24,169 contracts changed hands. Spreading accounted for 15,782 of the contracts traded.
Milling wheat, durum and barley futures were untraded.
Settlement prices are in Canadian dollars per metric ton.
