By Phil Franz-Warkentin, Commodity News Service Canada
November 12, 2013
Winnipeg – ICE Futures Canada canola contracts were higher on Tuesday, finding some spillover support from the advances in CBOT soybeans and soyoil.
A weaker tone in the Canadian dollar underpinned the futures as well, as the softer currency helped crush margins show some improvement, according to participants.
However, canola remains range-bound overall with profit-taking at the highs tempering the gains after the January contract tested the psychological C$500 per tonne level during the session.
While farmers remain on the sidelines for the most part, the early advances did encourage some pricing from producers. Canada’s record large crop and expectations for a good South American soybean crop were also overhanging the futures.
About 36,892 canola contracts were traded on Thursday, which compares with Friday when 31,691 contracts changed hands. Spreading accounted for 19,530 of the contracts traded. Canadian markets were closed Monday for Remembrance Day.
Milling wheat, durum and barley futures were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
