Losses in Deferred Months; November Higher

Canola futures were mixed at Thursday's close, with gains in nearby November contract and losses in the more deferred months.

November canola climbed above C$1,000/tonne early in the day as speculative positioning ahead of the contract's expiry provided support. However, profit-taking eventually came forward and the contract settled just below that psychological level. Thin volumes exaggerated the price swings in November, with the more active months pressured by activity in outside markets.

Chicago soybean and soyoil futures were both lower on the day, which put some pressure on canola. Ideas that the Canadian oilseed is looking expensive at current levels also weighed on values.

November canola climbed $13.60 to $996.90 but January was down $5.30 to $955.30 and March lost $2.20 to $936.30.