(RNI) — Canola futures at the Winnipeg
Commodity Exchange finished Friday’s session mainly lower
after trading higher just ahead of the close.
Weakness in canola was
linked to late profit-taking by fund accounts as well as the losses
posted in the Chicago Board of Trade (CBOT) soybean complex, market watchers said. Weakness
in the Canadian dollar had provided some support.
WCE feed wheat and western barley futures were steady to mostly
higher.
Canola futures were mostly lower. Commission house, local and
Read Also
Alberta Crop Report: Rains in the south, dryness in the north
Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.
on canola values, traders said. Some late hedge selling by elevator
companies, further contributed to the declines.
Losses in CBOT soybean and soyoil values also weighed on canola
throughout the session. However, when the losses in soybeans were
amplified near the close, the selling in canola intensified, brokers
said.
Strength in canola during the session had been associated with
the covering of previously sold positions by fund accounts.
Small commercial demand, said to be covering minor domestic crusher
and old export business, further underpinned prices. There were
rumours of fresh export business being booked, but exporters were
unable to confirm any fresh sales.
Much of the volume in canola reflected the rolling of long
positions out of the January future and into the March contract by
the large index funds.
There were an estimated 26,242 canola contracts traded during
Friday’s session, up from 16,601 during the previous session. Of the
contracts traded, 18,004 were spread-related.
Western barley futures were higher. Support was associated with
the absence of farmer deliveries to the country elevator system in
Western Canada and to the advances posted in CBOT corn futures,
traders said. The absence of willing sellers resulted in the price
gains being amplified. Activity was mainly a two-sided commercial
affair.
An estimated 520 barley contracts changed hands during the
session. On Thursday, 718 contracts were traded. Of the contracts
traded Friday, 266 were spread-related.
Feed wheat values were little changed in non-existent activity.
There were no feed wheat contract traded Friday. On
WCE closing prices, Canadian dollars per tonne, Nov. 30, 2007
| Settlement | ||
| prices | Change | |
| Canola | ||
| Jan | 466.60 | dn 4.50 |
| Mar | 478.00 | dn 5.10 |
| Nov | 472.70 | dn 2.70 |
| Feed wheat | ||
| Dec | 184.00 | unch |
| Mar | 185.50 | unch |
| Western barley | ||
| Dec | 188.00 | up 4.20 |
| Mar | 197.30 | up 1.50 |
