By Dave Sims, Commodity News Service Canada
Winnipeg, August 30 (CNS Canada) – The ICE Futures canola platform finished higher on Thursday due to weakness in the Canadian currency. The Canadian dollar was over a third of a cent lower compared to its American counterpart, which made canola more attractive to foreign buyers.
Gains in soyoil were bullish for canola futures.
Traders took positions ahead of tomorrow’s Statistics Canada crop production report.
Demand for canola is fairly steady these days and funds remain short in the market.
However, losses in soybeans and increasing harvest pressure limited the gains.
Futures were buffeted somewhat by all the turbulence surrounding NAFTA negotiations.
About 13,220 canola contracts traded, which compares with Wednesday when just 14,996 contracts changed hands. Spreading accounted for 6,708 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade ended lower due to lackluster weekly exports in the United States.
Elevator space in the U.S. Northern Plains is limited right now as harvest is preparing to begin.
There are signs Mexico is preparing to increase imports of U.S. soybeans, which could help fill some of the gap left by China.
The corn market finished mostly unchanged in narrow, range-bound trade.
Weekly export sales were on the weak side at just 700,000 tonnes, which was bearish.
Farmers in the U.S. are selling a lot of old crop corn right now in an attempt to clear out their bins before this year’s harvest.
Chicago wheat futures moved higher this morning on word Russia would limit exports of wheat, but ultimately finished lower as traders booked profits.
China says it will lower the minimum price for bids at state-owned reserve auctions.
Rain in the U.S. Plains has slowed down the spring wheat harvest in several areas.