| 25/01/08--ICE/MATIF
Canola/Rapeseed Review: Canola Follows Soybeans Up |
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WINNIPEG (Dow Jones)--Canola contracts traded on ICE Futures Canada finished Friday's session mostly higher after trading in a mixed range for the bulk of the day. Spreading was a feature of the activity seen in canola with commercials the featured participants, market watchers said.
Some position evening ahead of the weekend was also a feature of the activity.
Canola futures had been trading at mainly lower levels near the close in response to steady speculative and commodity fund liquidation orders, traders said. Adding to the weakness in canola was a drop off in demand from domestic processors and the absence of fresh export business.
Brokers said there were ideas that canola was too high priced to attract fresh interest from importers.
Elevator company hedge selling ahead of the weekend had also put canola futures on the defensive.
The losses in canola, however, were erased near the close as CBOT soybean and soyoil values started to push higher, brokers said. Some routine exporter pricing was also evident during the session and helped to underpin canola.
There were an estimated 12,816 canola contracts traded during Friday's session, down from 18,405 during the previous session. Of the contracts traded, 6,670 were spread related.
Paris rapeseed futures jumped to recover more from the recent setback. May ended up EUR8, or 1.9%, at EUR420/ton with 767 lots moved.