By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, December 29 – THE ICE Futures Canada canola market settled lower on Thursday, tracking losses in the US soy complex.
Traders continued to move out of the January contract and into March.
The Canadian dollar was slightly higher relative to its US counterpart, which made canola less desirable on the international market.
Losses in crude oil undermined values.
However, global demand remains steady and canola is still considered a bargain compared to other oilseeds.
Read Also
Canadian Financial Close: Loonie drops, new record for TSX
Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….
At one point, the most-active March contract was threatening to dip below the psychologically-important C$500 per tonne mark but held firm.
Slow farmer selling lent support to prices.
Milling wheat, barley and durum were untraded.
About 27,943 canola contracts traded on Thursday which compares with Wednesday when 36,953 contracts changed hands.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed one to four cents per bushel weaker on Thursday, pressured by ideas that South American crops will soon be on the market, competing with US supplies.
Year-end positioning was also a feature.
Spillover weakness from the nearby soyoil market added to the downside.
However, mixed reports about South American weather kept losses in check.
Rain in key growing areas of Argentina and Brazil pressured values in previous sessions, but analysts say areas remain too dry, and investors are keeping a weather premium in the market.
SOYOIL prices dropped on Thursday, tracking losses in Malaysian palm oil.
SOYMEAL closed mostly lower on Thursday.
CORN futures were about one cent per bushel higher on Thursday, underpinned by reduced farmer-selling.
US producers are looking for higher values, market watchers say, which is bullish.
The US dollar lost ground on Thursday, which added to the gains.
WHEAT closed one to three cents per bushel higher on Thursday, also supported by weakness in the US dollar.
The market is hovering close to contract lows, which investors are not looking to revisit, which added to the upside.
Reports of slower exports from France also had a bullish effect on prices.
