By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, January 20 – THE ICE Futures Canada canola market finished lower taking direction from the US soy complex.
Steep losses in financial markets were bearish for canola, analysts said. The market was also undermined by losses in crude oil and vegetable oil.
Concerns about the sputtering Chinese economy contributed to the declines, according to a report.
However, general weakness in the Canadian dollar made canola more attractive to international buyers. It also has
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Exports to China, Pakistan, Japan and Mexico are quite steady right now, according to an analyst.
Around 22,057 canola contracts were traded on Wednesday, which compares with Tuesday when around 16,271 contracts changed hands. Spreading accounted for about 13,054 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric ton.
SOYBEAN futures at the Chicago Board of Trade closed four to ten cents per bushel weaker on Wednesday as demand woes hit the market.
Losses in global stock markets pressured crude oil prices, which is bearish for soybeans.
Analysts expect demand from China to pick up, which limited some losses, but competition from Brazil and Argentina could keep the pressure on prices.
SOYOIL prices settled lower on Wednesday, tracking losses in soybeans.
SOYMEAL closed weaker on Wednesday.
CORN futures closed about one cent per bushel stronger on Wednesday, as dryness in South Africa supported prices.
Dryness in the country has caused a decline in production, and will likely lead to increased imports, analysts say.
Ethanol demand is stronger than expected, according to market watchers, which added to the bullish tone.
WHEAT closed three to four cents per bushel weaker on Wednesday, as demand concerns pressured the commodity.
A relatively stronger US dollar also contributed to the declines.
– South Korea has bought 69 thousand metric tonnes of optional origin feed wheat, analysts say.
– Russia will likely supply up to 30 per cent of Iran’s wheat imports, according to the country’s deputy ag minister.
