By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, February 13 (CNS Canada) – ICE Futures Canada canola closed weaker on Monday, pressured by spillover losses from US oilseeds.
Chicago Board of Trade soybeans and soyoil were lower on Monday, declining after last week’s sharp advances.
Generally favourable South American weather was also bearish for those markets.
Canola may see profit-taking pressure in coming sessions, as prices steadily advanced last week.
About 22,870 canola contracts traded on Monday, which compares with Friday when 57,878 contracts changed hands.
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Spreading accounted for about 17,076 of the contracts traded.
Durum and barley were untraded and unchanged, while milling wheat was revised after the close.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade settled three to four cents per bushel lower to start the week, due to favourable growing conditions in South America.
The harvest in Brazil is proceeding at a quicker pace than normal, according to the Mato Grosso Institute of Agricultural Economics. The IMEA pegs the harvest as being 18 per cent complete, which is significantly higher than the 11 per cent average.
Prices may have been correcting themselves after hitting a three-week high on Friday.
SOYOIL futures declined on Monday taking direction from crude oil.
SOYMEAL futures finished slightly higher, with spreading against soyoil a feature.
CORN futures in Chicago finished one cent per bushel higher Monday on strong demand.
Chinese corn usage is projected to be four million tonnes higher as they attempt to feed their livestock while restricting imports of feed substitutes.
However, favourable weather in Brazil limited the gains.
WHEAT futures in Chicago advanced three to four cents per bushel on Monday, as the market continued to take strength from last week’s supply/demand report. That report, compiled by the USDA, stated that world ending stocks were down 1.85% from January.
On the other side, there are reports Egypt will hike its wheat production by two million tonnes over the next three years, which was bearish.
