By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, March 29 (CNS Canada) – ICE Futures Canada canola closed weaker in tight-range trade on Wednesday.
Losses in the Chicago Board of Trade soybean market kept canola under pressure throughout the day.
US oilseeds are faced with a number of bearish factors, high stocks, anticipated high production, competition from Brazil, and a strong US dollar, which dragged canola down too.
The Canadian dollar strengthened against its US counterpart by close on Wednesday, which further pressured canola.
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About 20,059 canola contracts traded on Wednesday, which compares with Tuesday when 29,846 contracts changed hands. Spreading accounted for about 13,838 of the contracts traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade dropped two to four cents lower on Wednesday, weighed down by the rapidly-advancing harvest in South America and technical trading.
Ideas persist that soybean acres will rise in Friday’s USDA Prospective Plantings Report, which was bearish.
Trading was choppy today and expected to remain so until the release of Friday’s report.
SOYOIL futures fell 25 to 28 points on Wednesday.
SOYMEAL futures eked out small gains on Wednesday.
CORN futures in Chicago finished nearly a cent higher on ideas the crop was oversold.
Rising ethanol production in the US buoyed the market.
However, dry weather in South Africa is expected to speed up corn drying, which was bearish.
WHEAT futures in Chicago posted modest advances in speculative trading. Friday’s USDA report could be a wildcard for wheat, according to an analyst.
However, rain in the US Southern Plains is expected to move into the US Midwest, which was bearish.
