Canola futures held up today despite a drop in soybean futures and other commodities.
March canola on ICE Futures Canada sank 60 cents to close at $435.80 per tonne.
Soybean futures in Chicago sank 10.5 cents with the March contract finishing at $10.3525 per bu.
Beans likely sank on news of favourable weather in South America. Seasonal weather and showers were expected to benefit the soybean crop in Brazil and Argentina.
Wheat futures plummeted in Chicago today. March wheat lost 24 cents to close at $6.115 per bu.
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Wheat dropped in spite of more negative news regarding Russian grain exports. The head of the country’s grain union said Russian ports have not loaded a single vessel with grain since December 18.
Russia has stepped up grain inspections and limited railcar loadings to curb the flow of grain out the country.
Russian officials also announced plans to impose export duties on grain but haven’t released details of the restrictions.
Russia’s Prime Minister said the measures were necessary to ensure domestic grain supplies. Bread prices and have risen in the country over the last month because of the devaluation of the rouble.
Traders speculated that the export duties wouldn’t be as severe as predicted. The information prompted profit taking, putting pressure on wheat futures.
Corn also dropped on the day. March corn lost 6.25 cents to finish at $4.0775 per bu.
Canola trading on ICE Futures Canada will resume next week following Christmas and Boxing Day.
Merry Christmas.
