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WCE close: CBOT gains boost canola

(Resource News International) — Canola futures at the Winnipeg
Commodity Exchange (WCE) finished Friday’s session higher with the
advances in the CBOT soybean complex and fresh fund buying providing
some of the upward price momentum, market watchers said.

Position evening ahead of the weekend was a feature of the
activity.

Canola finished higher in view of the advances seen in CBOT
soybean and soyoil values and from steady commodity fund buying,
which was sparked by friendly chart signals, traders said.

Adding to the upward price action in canola was routine
exporter pricing of old Japanese sales as well as light domestic
crusher demand.

The gains in canola were tempered by pre-weekend hedge selling
by elevator companies as producers in Western Canada take advantage
of $9 a bushel cash bids, brokers said. The absence of fresh
export business being put on the books also limited the upside in
canola.

There were an estimated 10,288 canola contracts traded during
Friday’s session, up from 9,594 during the previous session. Of the
contracts traded 1,690 were spread-related.

Western barley values were steady to higher with some of the
upward price action related to the strength displayed by CBOT corn
futures, traders said. Concerns about lower than expected yield
potential in Western Canada helped to underpin prices as did the
slow pace of farmer deliveries to the country elevator system.
Activity was a light two-way affair between commercials.

An estimated 330 barley contracts changed hands during the
session. On Thursday, 204 contracts were traded.

Feed wheat futures were steady to lower in choppy trade. Light
commercial offerings in the absence of willing buyers resulted in
values moving down, brokers said.

There were 538 feed wheat contract traded Friday. On
Thursday, 57 feed wheat contracts changed hands.

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