The ICE Futures Canada canola market finished lower in choppy trading Thursday, as traders took profits following gains made on Tuesday.
Values were also catching up to losses suffered in U.S. soybean and soyoil futures Wednesday when the Canadian market was closed.
Traders positioned themselves ahead of the July 4th holiday in the U.S., said a trader.
“You might get some funds coming in to see if they can push canola around a little bit while it’s on its own, that sometimes does happen. Money comes in to try and jerk canola around and see if they can get some things going,” he said.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
However, canola received some strength from U.S. soyoil which was higher on the day.
Persistent dry conditions across Alberta and Saskatchewan continue to support prices.
Canola’s decline was limited by weakness in the Canadian dollar, which dropped below US80 cents.
Around 18,889 canola contracts were traded on Thursday, which compares with Tuesday when around 23,130 contracts changed hands.
ICE milling wheat, barley and durum were all untraded.
SOYBEAN futures at the Chicago Board of Trade closed two cents per bushel lower to four cents per bushel higher on Thursday, as the U.S. Midwest is expected to get a drier July, though parts are still rainy.
Concerns that millions of acres of soybeans could go unseeded due to flooding provided some support for prices.
However, foreign demand for soybeans is not as high as expected, traders say.
U.S. markets will be closed Friday ahead of Independence Day.
SOYOIL prices settled stronger on Thursday following neighbouring markets.
SOYMEAL closed lower on Thursday as increased soy production in India may mean it will export more soymeal.
CORN futures closed one to six cents per bushel stronger as analysts Informa Economics cut its estimate for the crop by 152 million bu.
Informa pegged corn production at 13.412 billion bu.
Prices were also supported by the most recent USDA crop condition report, which showed the crop’s health ratings were declining due to excess soil moisture.
WHEAT futures in Chicago closed one cent per bushel lower to five cents per bushel stronger, as Informa Economics reduced its winter wheat production estimate to 1.477 billion bu.
However, Informa increased its production estimates for hard red wheat by two-million bushels, to 889 million bu.
Market watchers say a drier outlook for the U.S. Midwest could have a bearish effect on prices in coming weeks.
Light crude oil nearby futures in New York were down three cents to US$59.93 per barrel.
The Canadian dollar at noon was US79.58 cents, down from 80.17 cents the previous trading day. The U.S. dollar at noon was C$1.2566.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 541.30 -1.30 -0.24%
Canola Nov 2015 533.10 -3.00 -0.56%
Canola Jan 2016 532.40 -1.50 -0.28%
Canola Mar 2016 529.40 -1.30 -0.24%
Canola May 2016 525.60 -1.20 -0.23%
Milling Wheat Jul 2015 250.00 +7.00 +2.88%
Milling Wheat Oct 2015 248.00 +3.00 +1.22%
Milling Wheat Dec 2015 248.00 +3.00 +1.22%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Barley Jul 2015 209.40 +1.00 +0.48%
Barley Oct 2015 204.40 +1.00 +0.49%
Barley Dec 2015 209.40 +1.00 +0.48%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2015 1045.25 +1.25 +0.12%
Soybeans Aug 2015 1038.25 -2.5 -0.24%
Soybeans Sep 2015 1031.5 -1.25 -0.12%
Soybeans Nov 2015 1030.25 +0.75 +0.07%
Soybeans Jan 2016 1035.75 +1.5 +0.15%
Soybeans Mar 2016 1028.75 +4.25 +0.41%
Soybean Meal Jul 2015 357.4 -2.4 -0.67%
Soybean Meal Aug 2015 350.1 -2.1 -0.60%
Soybean Meal Sep 2015 346.1 -2.6 -0.75%
Soybean Oil Jul 2015 33.36 +0.35 +1.06%
Soybean Oil Aug 2015 33.48 +0.35 +1.06%
Soybean Oil Sep 2015 33.56 +0.36 +1.08%
Corn Jul 2015 419.75 +6 +1.45%
Corn Sep 2015 428.5 +6 +1.42%
Corn Dec 2015 437.25 +5.5 +1.27%
Corn Mar 2016 446.5 +5 +1.13%
Corn May 2016 452 +4.25 +0.95%
Oats Jul 2015 250 +5 +2.04%
Oats Sep 2015 260 +3.75 +1.46%
Oats Dec 2015 274.5 +3 +1.10%
Oats Mar 2016 282.75 +2.75 +0.98%
Oats May 2016 282.75 +2.75 +0.98%
Wheat Jul 2015 585.75 -1.75 -0.30%
Wheat Sep 2015 590.5 +2 +0.34%
Wheat Dec 2015 599.25 +2.5 +0.42%
Wheat Mar 2016 608 +3.25 +0.54%
Wheat May 2016 613.5 +4.5 +0.74%
Minneapolis
Spring Wheat Jul 2015 606.25 -1.25 -0.21%
Spring Wheat Sep 2015 624 +2 +0.32%
Spring Wheat Dec 2015 639.75 +2.75 +0.43%
Spring Wheat Mar 2016 651 +2.75 +0.42%
Spring Wheat May 2016 658.5 +3.25 +0.50%
Kansas City
Hard Red Wheat Sep 2015 591.75 -0.75 -0.13%
Hard Red Wheat Dec 2015 611.25 -0.25 -0.04%
Hard Red Wheat Mar 2016 623.5 unch 0.00%
Hard Red Wheat May 2016 631.25 unch 0.00%
