By Terryn Shiells, Commodity News Service Canada
July 22, 2013
WINNIPEG – ICE Futures Canada canola contracts closed mostly higher on Friday, lifted by spill over support from the gains seen in the Chicago soybean complex, analysts said.
Spill over buying from the advances seen in Malaysian palm oil futures overnight further underpinned values.
Ideas that recent declines were overdone and the market needed an upward correction provided further support.
A pickup in commercial buying added to the bullish tone, as did the need to keep a weather premium built into the market.
However, a lack of threatening weather across most of western Canada helped to limit the gains.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive to foreign buyers.
About 14,145 canola contracts were traded on Monday, which compares with Friday when 11,836 contracts changed hands. Spreading accounted for 5,566 of the contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged on Monday.
Settlement prices are in Canadian dollars per metric ton.
