By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, April 17 (CNS Canada) – ICE Futures Canada canola started the week off on a high note, as weather concerns in Western Canada underpinned the market.
Rain and snow in parts of the Prairies have slowed farmers’ abilities to get last year’s crops out of fields, which is bullish.
Advances in the Malaysian palm oil and Chicago Board of Trade soy oil market added to the upside.
Gains in deferred contracts were tempered in positioning ahead of acreage estimates from Statistics Canada due out on Friday.
Read Also
ICE Canola Midday: Strength from outside markets
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were stronger late Thursday morning, in what…
Around 16,933 canola contracts were traded on Monday, which compares with Thursday when around 32,339 contracts changed hands. Spreading accounted for about 11,178 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade ended mixed on Monday, with near-term values weighed down by weak export inspection numbers, while concerns over rain-delays to US planting efforts lifted the more deferred values.
A steady flow of soybeans coming out of South America was bearish for the front-month contracts. AgRural pegs Brazil’s harvest as being 87 per cent complete.
SOYOIL futures posted sharp gains on Monday.
SOYMEAL futures were weaker on Monday.
CORN futures in Chicago were down by three to four cents per bushel on Monday due to commercial selling.
Large world supplies, especially coming out of South America, added to the bearish tone.
However, weekly corn inspections were higher than last week, which limited the declines.
WHEAT futures in Chicago were down by six to eight cents per bushel to start the week as traders took profits.
Cheap supplies of wheat continue to flow out of the Black Sea region, undermining US exporters.
However, weekly wheat export inspection numbers were slightly higher than last week, which was supportive.
