(Resource News International) — Canola futures at the Winnipeg
Commodity Exchange finished Friday’s session mainly lower, with
the strength of the Canadian dollar scaring off much of the demand
for the commodity, market watchers said. The losses were tempered by
the advances seen in the CBOT soybean complex.
WCE western barley and feed wheat futures were steady to
higher.
Canola finished mainly lower, with much of the selling seen
during the session inspired by the strong Canadian dollar, traders
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been few end users willing to establish fresh export business with
Canada.
Adding to the weakness in canola were reports that domestic
crushers have also started to back away from the market, having now
covered most of their nearby and intermediate needs, brokers said.
Large canola supplies in the commercial pipeline system and
some pre-weekend hedge selling by line companies helped to weigh on
prices.
The losses in canola were tempered by the strong rally seen in
CBOT soybean and soyoil values. Some short-covering ahead of the
weekend by a variety of market players also tempered the losses in
canola.
There were an estimated 9,314 canola contracts traded during
the contracts traded 2,442 were spread-related.
Western barley values were mostly higher, with commercial
short-covering and the advances in CBOT corn futures behind the
upward price action, traders said. The gains seen in barley were
amplified by the lack of willing sellers.
An estimated 684 barley contracts changed hands during the
session. On Thursday, 3,361 contracts were traded. Of the contracts
traded Friday, 372 were spread-related.
Feed wheat futures were little changed in virtually
non-existent activity.
There were five feed wheat contract traded Friday. On Thursday,
225 feed wheat contracts changed hands.
WCE closing prices, Canadian dollars per tonne, Nov. 2, 2007
| Settlement | ||
| prices | Change | |
| Canola | ||
| Jan | 438.00 | dn 0.90 |
| Mar | 448.30 | dn 1.80 |
| Nov 08 | 450.00 | dn 0.10 |
| Feed wheat | ||
| Dec | 178.00 | unch |
| Mar | 186.00 | unch |
| Western barley | ||
| Dec | 185.30 | up 2.00 |
| Mar | 200.20 | up 2.20 |
Canola spread trade prices, in Canadian dollars. “Volume”
represents the number of spreads.
| Months | Price | Volume |
| Nov/Jan | $9.00 to $10.80 | 364 |
| Nov/Jly | $36.50 | 1 |
| Jan/Mar | $10.10 to $10.50 | 229 |
| Jan/May | $18.00 to $21.10 | 6 |
| Jan/Jly | $25.10 to $28.00 | 281 |
| Jan/Nov | $11.50 to $13.50 | 255 |
| Mar/May | $8.70 to $10.00 | 15 |
| Mar/Jly | $5.60 | 1 |
| Jly/Nov | $15.50 to $11.10 over | 65 |
| Nov08/Jan09 | $5.00 to $8.00 | 4 |
