By Dave Sims, Commodity News Service Canada
Winnipeg, March 20 (CNS Canada) – The ICE Futures Canada canola complex corrected higher on Tuesday, retaking some of the ground it lost after yesterday’s selloff.
The Canadian dollar is relatively weak, which encouraged buying from out-of-country customers.
Advances in U.S. soymeal and soybeans were supportive for canola.
Speculative buying was a feature of the activity.
However, weakness in soyoil undermined the market and crush margins declined.
The soybean crop in Brazil could be record large and recent rains in Argentina have raised hopes some of the later-seeded crops can still be salvaged.
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Around 9,400 canola contracts were traded on Tuesday, which compares with Monday when around 12,717 contracts changed hands. Spreading accounted for 4,300 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market corrected higher on Tuesday in the wake of yesterday’s sharp losses.
Speculative buying helped keep values propped up.
Speculators are net long on soybeans with some looking to liquidate.
Corn futures ticked slightly lower in technical trading.
Strength in the U.S. dollar put pressure on prices.
Large world supplies weighed on values.
Chicago wheat futures posted mild gains on Tuesday as the market managed to reverse yesterday’s slide.
More dry weather is headed for the U.S. Southern Plains this week, which was supportive from a price point of view. Overall, the fundamentals are pointed lower.
Jordan is looking for 100,000 tonnes of wheat and another 100,000 for barley.
