By Terryn Shiells, Commodity News Service Canada
October 23, 2013
WINNIPEG – ICE Futures Canada canola contracts closed firmer on Wednesday, underpinned by spillover support from the gains seen in Chicago soybeans, traders said.
The sharp downswing in the value of the Canadian dollar added to the bullish tone, as it made canola more attractive to crushers and exporters.
Chart-based buying, as the technical bias is now pointed higher, provided further support.
However, pressure from the advancing US soybean harvest limited the upside.
Expectations for record large oilseed crops out of Canada and South America were also bearish.
About 33,470 canola contracts were traded on Wednesday, which compares with Tuesday when 26,344 contracts changed hands. Spreading accounted for 17,026 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
