By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 13 (MarketsFarm) – The ICE Futures canola market settled lower on Monday, as losses in Chicago soyoil spilled over to weigh on prices.
Malaysian palm oil was also down in overnight trade, but European rapeseed moved higher.
Canola held rangebound from a chart perspective, with speculative positioning a feature as investors were on both sides of the market.
Wide crush margins remained a supportive influence, with canola attractively priced from an end user’s perspective. Meanwhile, relatively mild Prairie temperatures were thought to be encouraging some farmer deliveries.
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About 31,078 canola contracts traded on Monday, which compares with Friday when 42,388 contracts changed hands. Spreading accounted for 20,948 of the contracts traded.
SOYBEAN futures at the Chicago Board of traded to both sides of unchanged on Monday, although the bias was higher at the close as spillover from losses in soyoil was countered by gains in soymeal.
Uncertain production prospects out of Argentina remained a feature in the background of the bean market, as hot and dry conditions there cut into the yield prospects
Meanwhile, excessive moisture in Brazil has slowed the soybean harvest in some regions.
Weekly United States soybean export inspections of 1.55 million tonnes were down from the previous week, but up from what moved during the same week a year ago.
CORN was underpinned by South American production uncertainty and supportive technical signals.
The slow soybean harvest pace in Brazil is reportedly causing delays for seeding the country’s next corn crop, with about 25 per cent in the ground compared to 42 per cent at this time a year ago.
Weekly U.S. export inspections showed just over half a million tonnes of corn exported in the past week, which was up slightly from the previous week, but off the year ago pace.
WHEAT was steady to higher after a choppy day. Heightened tensions in Ukraine, as Russian attacks intensified, were behind some of the strength in wheat.
Weekly U.S. wheat export inspections of 472,000 tonnes were down from the previous week, with year-to-date wheat sales off by 1.5 per cent.
