By Terryn Shiells, Commodity News Service Canada
September 24, 2013
WINNIPEG – ICE Futures Canada canola contracts closed firmer on Tuesday, lifted by spillover support from the advances seen in Chicago soybeans.
Commercial buying and speculative short covering following recent declines provided further support for canola.
The need to keep a weather premium built into prices, the weaker Canadian dollar and steady demand added to the bullish tone.
However, pressure from advancing harvest activities in Western Canada, and reports of good yields limited the advances.
A pickup in farmer selling, as producers don’t have enough room in their bins to store the large crop they’re harvesting, was also bearish.
About 35,504 canola contracts were traded on Tuesday, which compares with Monday when 21,878 contracts changed hands. Spreading accounted for 18,656 of the trades made.
Barley, milling wheat and durum prices were untraded and unchanged following slight price revisions after the close on Monday.
Settlement prices are in Canadian dollars per metric ton.
