By Jade Markus, Commodity News Service Canada
Winnipeg, July 10 (CNS Canada) – ICE Futures Canada canola closed stronger on Monday, buoyed by bullish weather.
In Canada, traders are concerned about how hot weather in parts of Saskatchewan could affect yields, which strengthened prices.
Spillover strength from the Chicago Board of Trade soy complex added to canola’s advances.
CBOT soybeans, soy meal and soy oil were all higher, gathering strength from weather on the other side of the border.
Parts of the US Plains are dry, which may also hamper the country’s production potential, fueling advances in that market.
Read Also
Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
The Canadian dollar had been weaker against its US counterpart earlier in the day, but as the currency reversed those losses at the close, canola nudged off of its highs.
Around 20,594 canola contracts traded on Monday, which compares with Friday when around 21,588 contracts changed hands. Spreading accounted for 4,362 of the contracts traded.
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 were up 23 to 24 cents per bushel on Monday, lifted by worries over what boiling weather in the US Midwest could do to the soybean crop.
Soybean export inspections came in higher than expected, which was supportive. Analysts put estimates at 200,000 to 400,000 tonnes, but the weekly numbers were closer to 475,000.
Most traders expect this afternoon’s crop condition ratings to fall slightly, which was supportive.
SOYOIL futures were 83 to 85 points higher on Monday, following soybeans.
SOYMEAL futures settled sharply higher on Monday.
CORN futures in Chicago ended seven to 10 cents per bushel higher on ideas that hot weather in the US Corn Belt would linger on through the pollination period.
Most analysts expect crop condition ratings to suffer a decline in Monday afternoon’s report.
Weekly export inspections numbers came in on the high side of expectations.
WHEAT futures in Chicago finished 15 to 17 cents higher as the US Northern Plains remain locked in a drought.
Russian export prices hit a 19-month high.
Crop conditions are expected to deteriorate further in today’s report.
