(RNI) — Canola futures at the Winnipeg
Commodity Exchange (WCE) finished Friday’s session lower after
trading at higher levels for the bulk of the day. Support in canola
had stemmed from fresh export demand and the strength displayed by
CBOT soybean complex values, market watchers said.
Pre-weekend hedge selling, as well as light bouts of
profit-taking, accounted for some of the weakness.
Position-evening ahead of the weekend was a feature of the
trade.
Canola futures were lower at the close. Early support in canola
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traders said. Talk of fresh export demand with Pakistan and China
also helped to fuel some of the upward price action in canola.
Traders said there were indications that Pakistan bought at least
two cargoes of Canadian canola while China was also said to be
seeking out quantities of Canadian canola.
Exporters were unable to confirm any sales, with some
indicating the Pakistan business may have been covered by
Australian shippers.
Steady domestic crusher demand contributed to the early support
seen in canola, with some short-covering ahead of the weekend also an
underpinning price influence, brokers said.
However, the advances in canola were erased by the close in
commercial accounts.
The erosion of CBOT soybean advances at the close helped to
undermine canola, brokers said.
There were an estimated 11,069 canola contracts traded during
Friday’s session, down from 17,326 during the previous session.
Western barley futures were steady to mostly lower in choppy
trade. Gains in CBOT corn futures were supportive but the absence of
fresh demand and some elevator company hedge selling allowed values
to be pushed lower, traders said. Trade was mainly a light two-way
affair between commercials.
An estimated 45 barley contracts changed hands during the
session. On Thursday, 574 contracts were traded.
Feed wheat futures were steady to higher in very thin trade.
There were 35 feed wheat contract traded Friday. On Thursday,
WCE closing prices, in Canadian dollars per tonne, Nov. 16, 2007
| Settlement | ||
| prices | Change | |
| Canola | ||
| Jan | 451.20 | dn 1.10 |
| Mar | 461.20 | dn 2.50 |
| Nov 08 | 463.10 | dn 1.60 |
| Feed wheat | ||
| Dec | 178.00 | up 2.00 |
| Mar | 182.00 | up 1.00 |
| Western barley | ||
| Dec | 182.10 | dn 0.80 |
| Mar | 194.10 | dn 1.10 |
