By Jade Markus and Erin DeBooy, Commodity News Service Canada
ICE Futures Canada canola ended weaker on Monday, pressured by losses in US oilseed markets, and favourable growing conditions in Western Canada.
The Chicago Board of Trade soy complex lost ground on Monday, pressured by fund-liquidation, and scattered showers across the US Midwest, which will support crop-development.
Beneficial rains in much of Western Canada weren’t doing any favours for the canola market, one Winnipeg-based trader said.
“It’s a good-looking crop, but not good-looking prices,” he said.
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Glacier FarmMedia — The ICE Futures canola market was weaker on Monday, settling below nearby chart support after trading to…
About 22,694 canola contracts traded on Monday, which
compares with Friday when 19,402 contracts changed hands. Spreading accounted for about 1,804 of the contracts traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
SOYBEAN futures at the Chicago Board of Trade dropped more than 22 cents to US$9.8375 per bushel on Monday as favourable weather gives crops a boost.
Traders await US federal data that is expected to show US crops in good health, remaining above average for this time of year.
There is also growing anticipation the US government will boost yield estimates next month, weighing on prices.
Good soil moisture and moderating temperatures are good for US crops, prompting speculation that farmers could reap bumper harvests again this fall.
SOYOIL prices closed lower on Monday.
SOYMEAL closed weaker on Monday.
CORN futures fell slightly on Monday, pulled down by weaker soybean prices and favourable crop outlooks.
Prices for the September contract dropped to US$3.3475 per bushel after reaching a daily high of US $3.3825 per bushel.
Forecasts are calling for much more moderate temperatures, while cropslook good and top yields are expected.
WHEAT closed higher on Monday, with the September contract settling atUS$4.2900 per bushel after hitting daily highs over US$4.3500 per bushel.
Reports of crop losses in Europe supported prices. France is experiencing problems with production, and the crop was downgraded again last week.
The Canadian prairies have good crop production potential, however traders are waiting to see how an excess of rain in some areas will affect yields.
– Canada exported 133,900 tonnes of wheat in the week ending July 17, according to the Canadian Grains Commission.
– British farmers are benefiting from the fall of the pound post-Brexit as it has boosted the country’s exports, according to British customs data.
Britain exported 257 million tonnes of wheat in the 11 months from July 2015 to May 2016, the biggest numbers since 2008-09. Exports are expected to continue growing, increasing by an estimated 3.4 per cent in 2017.
