ICE Canada Review: Canola Ends Up As Selling Eases

Month-end profit-taking and the generally firmer tone in the Canadian dollar did weigh on canola for most of the session, as participants liquidated some of their long positions, according to traders.

Declines in CBOT soyoil also accounted for some spillover selling pressure in the canola market.

However, the selling pressure dried up and canola managed to finish the week on a stronger footing once again, as the overall technical uptrend remains pointed higher.

A trader said steady domestic crusher demand underneath the market, given the solid crush margins, helped provide some support as well.

A lack of significant farmer selling was also supportive for canola values, with producers generally content to hold out for higher prices for the time being, according to market participants.

About 12,117 contracts traded on Friday, which compares with Thursday when an estimated 20,660 contracts changed hands. Spreading accounted for about 6,958 of the contracts traded.

Western barley futures were untraded and unchanged on Friday.

Settlement prices are in Canadian dollars per metric ton.