By Terryn Shiells, Commodity News Service Canada
November 22, 2013
WINNIPEG – ICE Futures Canada Canola contracts were firmer Friday, lifted by spillover support from the gains seen in Chicago soybean and soymeal futures, analysts said.
Further support came from the sharp downswing in the value of the Canadian dollar, which fell below the 95 cents US mark. The weaker Canadian currency made canola more attractively priced to some end users.
Speculative based short covering by a variety of market players, including funds, added to the bullish tone.
However, spillover pressure from the declines seen in other oilseed markets, including Malaysian palm oil and Chicago soyoil, was bearish.
A pickup in farmer selling following recent advances also helped to limit the advances in canola, as did some profit taking ahead of the weekend.
About 35,176 canola contracts were traded on Friday, which compares with Thursday when 28,714 contracts changed hands. Spreading was a feature and accounted for 18,944 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
