By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, March 6 (CNS Canada) – ICE Futures Canada canola closed mixed, but mostly lower on Monday.
Front contracts were feeling the bearish effects of spillover losses from Chicago Board of Trade soy oil.
Oilseeds from Brazil are moving into the market, which was also bearish.
However, traders and farmers are concerned about how much canola can be salvaged from fields this year, which underpinned deferred contracts.
About 25,128 canola contracts traded on Monday, which compares with Friday when 15,673 contracts changed hands.
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Spreading accounted for about 11,824 of the contracts traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
WHEAT futures in Chicago rose four to five cents per bushel on Monday as recent dry weather in the Central and Southern Plains has sparked concerns about the crop.
Speculation continues to brew about whether or not cold temperatures in late February damaged the plants.
Weekly export inspections were mostly in line with analysts’ estimates.
SOYBEAN futures at the Chicago Board of Trade ended relatively unchanged on Monday, as better-than-expected US export inspections were offset by technical selling.
Wet weather in parts of South America sparked some more harvest delays, which was supportive. On the other side, truckloads of soybeans, which had been bogged down in muddy roads in Brazil, are slowly starting to make their way to ports, which was bearish.
SOYOIL futures dropped slightly.
SOYMEAL futures finished higher, with spreading against soyoil a feature.
CORN futures in Chicago declined one to two cents per bushel to start the week after a report of bird flu in Tennessee sparked a round of selling. Traders are positioning themselves ahead of Thursday’s USDA report, which will contain corn production estimates for Brazil.On the other side, demand for US corn remains reasonably solid.
