ICE Canada Review: Canola Ends Down After Choppy Day

By Phil Franz-Warkentin, Commodity News Service Canada

Jan. 31, 2013

Winnipeg – ICE Futures Canada canola contracts closed lower on Thursday, after trading to both sides of unchanged in choppy activity.

Losses in CBOT soybeans accounted for some of the spillover selling pressure in canola, although soybeans finished well off their session lows and soyoil closed higher.

Increased farmer selling, as producers take advantage of the higher prices, was also said to be putting some pressure on canola values. A move back above parity with its US counterpart for the Canadian dollar was another bearish influence.

Speculative profit-taking weighed on values as well, according to traders. However, the charts remain pointed higher and any losses were also seen as good buying opportunities, said an analyst.

Concerns over the tightening supply situation in western Canada were underpinning the futures as well, with domestic crushers continuing to try and bring in more supplies before they run out, said a broker.

About 27,071 canola contracts were traded on Thursday, which compares with Wednesday when 25,645 contracts changed hands. Spreading accounted for about 24,200 of the contracts traded, with month-end positioning a feature.

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

Settlement prices are in Canadian dollars per metric ton.

Commodity futures

Futures Prices as of April 23, 2014

Canola Price Change
March622.901.90
May612.701.50
July602.301.70
Milling Wheat Price Change
March291.00
May294.00
Durum Price Change
March312.40
May316.40
New Barley Price Change
March241.50
May242.50

Prices are in Canadian dollars per metric ton

Respond





You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

COPA MedallionAGCanada.com was a 2012 COPA Finalist.
©2014 AGCanada is a production of FBC Limited Partnership a division of Glacier Media Inc.
Please refer to Copyright Page for details.