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WCE close: Soybeans boost canola

Winnipeg (Resource News International) — Canola futures at the Winnipeg
Commodity Exchange (WCE) finished Friday’s session mainly higher.
Strength in canola was associated with steady demand and the
advances exhibited by CBOT soybean complex values, market watchers
said.

A firm Canadian dollar and pre-weekend hedging tempered some of
the upward price action. Some position evening ahead of the weekend
was a feature of the trade.

Canola finished higher with the advances coming on the heels of
steady chart-related speculative fund buying and steady commercial

demand prompted by the advances in CBOT soybean and soyoil futures,
traders said. Light domestic processor demand, along with the
covering of old export sales to Japan, further underpinned prices.

The advances in canola were tempered by scale-up hedge selling
and by advancing harvest operations in Western Canada, brokers
said. Weather outlooks calling for warmer and drier conditions over
the next week to 10 days in Western Canada also limited the upside
in canola.

Strength in the Canadian dollar also tempered the gains seen in
canola.

There were an estimated 12,805 canola contracts traded during
Friday’s session, up from 7,321 during the previous session.

Western barley values were generally higher as light commercial
demand in the absence of willing sellers allowed prices to move up,
traders said. Gains in CBOT corn futures were also seen as
supportive.

An estimated 436 barley contracts changed hands during the
session. On Thursday, 605 contracts were traded.

Feed wheat futures turned mainly higher at the close with light
commercial demand and the late upward movement in CBOT wheat

generate some of the support, traders said.

There were 435 feed wheat contract traded Friday. On
Thursday, 507 feed wheat contracts changed hands.

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