By Dave Sims, Commodity News Service Canada
Winnipeg, September 15 – The ICE Futures Canada canola market finished slightly higher on Friday due to speculative buying.
Delays in the harvest, caused by rain on the Prairies, were supportive.
There were ideas the canola market was oversold, which helped prop up values.
Traders also took positions before the weekend.
However, losses in the US soy complex were bearish for prices.
Recent strength in the Canadian currency also weighed on prices.
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“We still have a fairly strong Canadian dollar,” said a trader in Winnipeg. ”It hasn’t gone any higher as of late but it’s still fairly strong.”
Around 16,307 canola contracts were traded on Friday, which compares with Thursday when around 19,000 contracts changed hands. Spreading accounted for 9,616 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
Soybeans finished five to seven cents per bushel lower on Friday as the rally that had lifted values over the past few days finally ran out of steam.
Traders squared positions before the weekend.
Volatility in the Brazilian currency was a feature of the day.
Corn finished roughly half a cent higher as traders engaged in chart-based trading.
There are expectations that US farmers will start making large deliveries by the end of this month.
China intends to auction off all its corn stockpiles from 2013.
Wheat was four to six cents stronger to end the week.
The market has taken some strength from the weather problems affecting wheat crops in other countries. Australia is ravaged by drought and frost this year while some wheat fields have apparently been abandoned in Argentina because of too much moisture.
Wheat yields in Canada have been slightly better than expected.
