(RNI) — Canola futures at the Winnipeg
Commodity Exchange (WCE) finished Friday’s session mainly higher
with values finding support from the new three year highs
established in CBOT soyoil prices, market watchers said.
Activity was on the lighter side with many market players
taking to the sidelines ahead of the three-day holiday weekend in
Canada. Canadian markets will be closed on Monday in observance of
Remembrance Day.
WCE feed wheat and western barley futures were steady to lower.
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Canola finished mostly higher with values bouncing between
advances and losses throughout the session. The late rally in CBOT
soybeans and the strong gains in soyoil finally took most canola
contracts to higher ground by the close, traders said.
Advances in
canola also reflected strong domestic crusher demand and the
weakness in the Canadian dollar, which was expected to help spur
some fresh export demand.
The advances in canola were trimmed, however, by steady levels
of producer pricing and by the burdensome supply of canola in the
commercial pipeline in Western Canada, brokers said. Pre-weekend
profit-taking was also evident.
Activity in canola was mainly a two-sided commercial affair
with spreading only a minor feature of the trade.
There were an estimated 7,881 canola contracts traded during
Friday’s session, up from 7,442 during the previous session.
Western barley values were lower with losses a reflection of
the sell-off seen in CBOT corn futures, traders said. The lack of
fresh demand from end users helped to weigh on prices. Commercials
were both light buyers and sellers during the session.
An estimated 362 barley contracts changed hands during the
session. On Thursday, 176 contracts were traded.
Feed wheat futures were little changed in very quiet activity.
There were no feed wheat contract traded Friday. On Thursday,
77 feed wheat contracts changed hands.
WCE closing prices, Nov. 9, 2007, in Canadian dollars per tonne.
| Settlement | ||
| prices | Change | |
| Canola | ||
| Jan | 444.30 | up 1.90 |
| Mar | 454.20 | up 2.50 |
| Nov 08 | 456.50 | dn 1.00 |
| Feed wheat | ||
| Dec | 177.00 | unch |
| Mar | 182.00 | unch |
| Western barley | ||
| Dec | 180.50 | dn 1.10 |
| Mar | 193.20 | dn 2.80 |
