WCE close: New highs set in canola

(RNI) — Canola futures at the Winnipeg
Commodity Exchange finished Friday’s session firmer with a
number of months establishing new contract highs.

Gains were
influenced by the sharp advances posted in the Chicago Board of Trade (CBOT) soybean complex
and from steady demand, market watchers said.

WCE feed wheat and western barley futures were steady to mixed.

Position-evening ahead of the weekend was a feature of the
activity.

Canola futures were higher with good levels of commercial,
local and commission-house buying taking values upward, traders
said. Some of the buying interest was spurred on by the strong
advances seen in both CBOT soybean and soyoil values. Good domestic
crusher demand helped to fuel the upward price action in canola, as
did the pricing of routine export business.

Adding to the rally in canola was minor chart-related fund
buying.

The advances in canola were tempered by steady elevator company
hedge selling and some light profit-taking ahead of the weekend.

There were an estimated 8,288 canola contracts traded during
Friday’s session, up from 6,550 during the previous session. Of the
contracts traded, 3,498 were spread-related.

Western barley futures were steady to higher in choppy
activity. Gains in CBOT corn futures provided some underlying
support to barley, as did the slow pace of farmer deliveries, traders
said. However, poor demand from end users tempered the advances.
Activity was mainly a two-sided commercial affair.

An estimated 866 barley contracts changed hands during the
session. On Thursday, 53 contracts were traded. Of the contracts
traded Friday, 742 were spread-related.

Feed wheat values were little changed in non-existent activity.

There were 54 feed wheat contracts traded Friday. On Thursday,
27 feed wheat contracts changed hands.

WCE closing prices in Canadian dollars per tonne, Nov. 23, 2007

WCE spread trade prices, in Canadian dollars. “Volume”
represents the number of spreads.