By Terryn Shiells, Commodity News Service Canada
September 25, 2013
WINNIPEG – ICE Futures Canada canola contracts closed stronger on Wednesday, following the advances seen in outside oilseeds, including European rapeseed and the Chicago soy complex.
Positioning ahead of next Monday’s quarterly stocks report from the USDA was also a supportive feature, according to participants.
Some chart-based buying added to the bullish tone, as did the need to keep a weather premium built into prices.
However, continued harvest pressure and the resulting increase in farmer selling and supplies helped to cap the upside in canola.
The technical bias remains pointed to the downside, as it is expected the producers will harvest a record large canola crop in Western Canada this fall.
About 26,832 canola contracts were traded on Wednesday, which compares with Tuesday when 35,504 contracts changed hands. Spreading accounted for 12,394 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged following price revisions after the close on Tuesday.
Settlement prices are in Canadian dollars per metric ton.
