By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, March 28 (CNS Canada) – ICE Futures Canada canola closed higher on Tuesday, though activity in the July/November spread was a feature.
Front contracts closed with stronger advances, underpinned by ideas that supplies of canola may be tight into the spring.
Deferred contracts also eked out gains, though that strength was tempered by ideas that acres will be large this year.
Chicago Board of Trade soy oil ended higher, which added some spillover support to canola.
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About 29,846 canola contracts traded on Tuesday, which compares with Monday when 35,614 contracts changed hands. Spreading accounted for about 18,638 of the contracts traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade corrected higher by half a cent on Tuesday after striking their lowest point since October.Positioning ahead of Friday’s prospective plantings report was also a feature.
The crop in Argentina was pegged by a private analyst in South America at 56 million tonnes, one million tonnes higher than the previous forecast.Demand is also seeing some seasonal slowness, according to a report.
SOYOIL futures rose 17 to 19 points on Tuesday.
SOYMEAL futures finished relatively unchanged.
CORN futures in Chicago finished two cents higher as traders staked out positions ahead of Friday’s report.
However, corn planting in much of the US Southern Plains and Midwest is ahead of schedule.
A case of bird flu has been detected in the US state of Georgia, which was bearish for the feed market.
WHEAT futures in Chicago rose three cents per bushel on Tuesday on ideas the crop was technically oversold.
Winter wheat conditions in Kansas, Oklahoma and Texas declined slightly, according to the USDA.
India has reinstated its 10 per cent import duty on wheat.
