By Jade Markus and Dave Sims, Commodity News Service Canada
ICE Futures Canada canola ended mixed, but mostly stronger on Monday.
Losses in the Canadian dollar supported front contracts by making the commodity more appealing to international buyers.
Malaysian palm oil closed stronger overnight, which further supported prices.
However, losses in Chicago Board of Trade soybeans limited advances.
Fund liquidation in the soybean market caused some spillover losses in canola.
Canola’s technical bias is to the downside, traders say, which also had a bearish effect on prices.
Read Also
North American Grain/Oilseed Review: Canola rises, down day for grains
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday despite weakness in most comparable…
About 15,431 canola contracts traded on Monday, which compares with Friday when 20,360 contracts changed hands.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
Corn futures suffered losses of six to seven cents per bushel on Monday. Values were pressured by expectations that tomorrow’s USDA report will show larger corn stockpiles in the US.
Chart-based selling was a feature of the day, according to an analyst.
However, India is reportedly searching for half a million tonnes of non-GMO corn which was supportive.
As well, forecasts calling for a heat ridge to develop over parts of the US Midwest were supportive, as the warm weather could stress the corn crops.
SOYBEAN futures dipped two to seven cents per bushel Monday on ideas that this year’s crop in the US will be larger than initially thought.
Some speculators liquidated their long positions which was bullish for values.
However, weather forecasts calling for heat and dryness in the next seven to 10 days limited the losses.
Soyoil finished two points lower, feeling weakness in crude oil.
SOYMEAL futures lower following soybeans.
Wheat futures on the Chicago Board of Trade finished three to four cents per bushel lower Monday due to spillover losses in corn and soybeans.
Russia has announced plans to ship large volumes of wheat to China as part of the new deal between the two countries.
Russian wheat is at its lowest price since 2010, which is making life difficult for US exporters and was bearish.
– High humidity continues to be a problem for states in the US Southern Plains, as farmers in Kansas, Colorado and Nebraska have all had difficulty in getting the hard red winter wheat off due to the wetness.
– Spain’s Ministry of Agriculture reports the country has brought in 5.27 million tonnes of grain in the first four months of 2016. That numbers is nearly a third higher than last year.
