By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, July 11 (CNS Canada) – ICE Futures Canada canola closed lower on Tuesday, feeling the bearish effects of beneficial rains in Western Canada.
Areas in Manitoba, Saskatchewan, and Alberta received showers, which pressured the weather-based market.
Strong farmer-selling, amid higher canola prices, also added some weakness to values on Tuesday.
Around 17,202 canola contracts traded on Tuesday, which compares with Monday when around 20,594 contracts changed hands. Spreading accounted for 4,036 of the contracts traded.
Read Also
Canadian Financial Close: Loonie drops, new record for TSX
Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….
Durum and barley were untraded and unchanged, while milling wheat was revised after the close.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade finished four to five cents higher on speculative trade on Tuesday.
The market was initially lower due to profit-taking, however once prices dipped far enough, bargain-hunters came forward to take the market higher.
Traders were also positioning themselves ahead of tomorrow’s World Agricultural Supply and Demand Estimates.
SOYOIL futures were 13 to 15 points higher.
SOYMEAL futures posted gains as the livestock sector scoured the market for feed supplies.
CORN futures in Chicago finished mostly lower as traders squared positions ahead of the WASDE report.
According to Conab, Brazil’s corn production this year is expected to hit 96 million tonnes, which is over two million tonnes higher than last year.
On the other side, the crop condition rating in the US fell by three percent yesterday, which was supportive for prices.
WHEAT futures in Chicago ended two to three cents higher in chart-based trading.
The condition rating of the US spring wheat crop fell to 35 per cent in yesterday’s report, which was supportive.
Most analysts expect estimates for all wheat production in the US to fall lower in tomorrow’s report.
