Winnipeg, MB, Nov. 14, 2014

ICE Futures Canada canola contracts moved higher on Friday, despite losses in CBOT soybeans, as the oversold Canadian market saw some consolidation to end the week.

Losses in CBOT soybeans put spillover pressure on canola throughout the day, according to participants. The Canadian dollar was also stronger, and the resulting softness in crush margins was bearish for canola.

However, canola has seen some wide price swings over the past week, and was due for a correction from a chart standpoint as the Canadian oilseed was said to be looking cheap compared to soybeans.

Farmers moved back to the sidelines, after making some sales earlier in the week, which was also supportive for canola, said traders.

About 17,034 canola contracts were traded on Friday, which compares with Thursday when 28,930 contracts changed hands. Spreading accounted for 4,582 of the contracts traded.

Milling wheat and durum were both untraded, while barley moved higher in light activity.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change
Canola            Jan     427.80    up 3.20
                  Mar     431.30    up 2.50
                  May     433.20    up 2.00
Milling Wheat     Dec     228.00    unch
                  Mar     235.00    unch
Durum             Dec     356.50    unch
                  Mar     357.50    unch
Barley            Dec     158.00    unch
                  Mar     162.00    unch
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Jan/Mar       4.70 under to 2.50 under      1809
Jan/May       5.50 under                       2
Jan/Jul       9.80 under to 7.20 under         7
Mar/May       3.00 under to 1.80 under       321
May/Jul       3.40 under to 1.80 under       126
Jul/Nov       2.40 over to 4.40 over          26

Commodity News Service Canada