ICE canola futures were unable to hold onto early gains, settling with small losses on Thursday.
Optimism over movement on trade talks with China faded Thursday, as Prime Minister Mark Carney told reporters trade talks were focused on “a much broader range of issues than single sectors and single trades,” when asked about halting Canadian tariffs on Chinese electric vehicles in exchange for China dropping its levies on canola.
Gains in Chicago soyoil were somewhat supportive for canola, although the soy complex settled well off its highs for the day.
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Harvest operations are wrapping up across the Prairies, causing seasonal harvest pressure to subside. The Saskatchewan canola harvest was 98 per cent complete in the latest weekly report, released Thursday, while only four per cent of Manitoba’s canola crop was still unharvested in a report released Wednesday.
There were 83,046 contracts traded on Thursday, which compares with Wednesday when 84,316 contracts changed hands. Spreading accounted for 64,066 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday but settled well off their session highs after running into chart resistance.
Better than expected monthly crush data released by the National Oilseed Processors Association on Wednesday remained supportive, as processors crushed the fourth-largest monthly total on record in September.
Seasonal harvest pressure and an ongoing lack of export demand weighed on prices, tempering the gains.
CORN was underpinned by speculative short-covering and end-user bargain hunting as prices recovered off the seven-week lows hit on Tuesday.
Relatively favourable conditions for the advancing U.S. harvest remained a bearish influence. However, farmer selling has been slow so far, while speculative short covering was also supportive.
The lack of data amid the ongoing U.S. government shutdown kept some caution in the market.
WHEAT futures were narrowly mixed, as values continued to hover just above five-year lows. Speculative short covering on ideas the recent losses were overdone provided support.
However, large world supplies and reports Russian exports were picking up kept a lid on values.
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
