By Phil Franz-Warkentin and Dave Sims, Commodity News Service Canada
Winnipeg, Jan. 25 – ICE Futures Canada canola contracts were narrowly mixed on Monday, in thin and choppy activity as spillover selling from the losses in outside vegetable oil markets was countered by the supportive influence of the weaker Canadian dollar.
The currency was down by roughly half a cent relative to its US counterpart, which was making exports more attractive to international buyers.
Supportive chart signals helped underpin canola as well, with prices holding right around a number of major moving averages, according to participants.
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Gains in CBOT soybeans were somewhat supportive, but soyoil moved lower on the day. Softness in the outside equity and energy markets weighed on values as well.
About 16,840 canola contracts were traded on Monday, which compares with Friday when 16,881 contracts changed hands. Spreading accounted for about 10,642 of the contracts traded.
Milling wheat, durum, and barley futures were all untraded.
SOYBEAN prices chalked up gains of four to five cents per bushel Monday on chart-based trading.
Results from the early harvest in Brazil point towards slightly lower-than-normal soybean yields.
It appears India may need to import more vegetable oil than normal this year.
The market was still feeling some support from last week’s export sales data, which came in better-than-expected.
SOYOIL ended six points lower, pushed down by losses in the vegetable oil market.
SOYMEAL futures rose with some demand coming in from the livestock sector.
CORN futures on the Chicago Board of Trade ended relatively unchanged Monday, feeling some pressure from losses in crude oil.
Increased farmer selling also weighed on the market, according to a report.
End of the month positioning may also have been a factor, an analyst said.
WHEAT futures on the Chicago Board of Trade ended six to seven cents per bushel higher Monday, propped up on ideas that
Russia may slash its grain exports.
More cold temperatures are expected to descend on the Black Sea region this week which was bearish.
Wheat plantings in India are only expected to total 29.2 million hectares which compares to last year’s total of 30.6.
– Wheat farmers in Lebanon have applied to the government for
compensation for last year’s crops.
– Tunisia purchased 92,000 tonnes of wheat at an auction on
Friday.
