Winnipeg Commodity Exchange canola futures settled mainly lower on Friday in routine trade with position-evening a feature ahead of market holiday on Monday, traders said. Canola ended $1.90 per tonne lower to $3.50 per tonne higher, with November down 60 cents at $411.50 and January down 50 cents at $421.70.
"People didn't know whether to buy it or sell it. We were stuck in a range all day," a trader said. The WCE will be closed on Monday, and traders were uncertain about what weather forecasts would mean for soy futures in the meantime at the Chicago Board of Trade.
November soybean futures were up 6-1/2 US cents per bushel at US $8.61 and December soybean oil closed 0.02 US cent per pound lower at 38.33 US cents. Some traders said farmer selling was a factor in canola, but others said farmers are holding on because of concerns about yields. An estimated 107 November/November spreads traded from $16.60 to $19.
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