Canadian canola futures closed higher on Wednesday due to crusher buying, but the rally was tempered by weakness in the US soya complex, traders said. Expectations for a good canola crop this fall also weighed on the market. Many farmers were selling futures to hedge their positions.
ICE canola futures settled $1.30 to $4.20 higher, with July up $1.40 at $662.90 per tonne and November up $1.30 at $688. An estimated 2,908 July/November spreads traded from $25.40 to $24.60 and 1,599 November/January spreads traded from $11.50 to $10.90.
Total canola volume was estimated at 16,193 contracts, up from 13,389 on Tuesday. At the Chicago Board of Trade, July soyabean futures fell 2 US cents per bushel to US $15.56 and July soyaoil was off 0.34 US cent per pound at 65.46 US cents.
Canadian barley futures closed higher on Wednesday. July barley rose $3.30 to $256 per tonne, while October settled $1.20 higher at $261.20. Total barley volume was 809 contracts, up from 151 on Tuesday. An estimated 159 October/December spreads traded from $8.90 to $6.60.