By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, February 17 (CNS Canada) – ICE Futures Canada canola closed lower on Friday, tracking declines in outside markets.
Chicago Board of Trade soybeans, soymeal and soyoil all declined ahead of the weekend, which had a spillover effect on canola.
Wednesday’s weakness also spurred some follow-through selling, pressuring values.
However, losses in the Canadian dollar limited some of the market’s downside.
About 28,681 canola contracts traded on Friday, which compares with Thursday when 23,804 contracts changed hands.
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Spreading accounted for about 20,132 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.
Canadian and US markets are both closed on Monday, for provincial holidays and Presidents’ Day.
SOYBEAN futures at the Chicago Board of Trade finished 8 to 11 cents per bushel lower Friday as countries around the world began to focus more heavily on supplies coming out of South America, to the detriment of US exporters.
Favourable weather conditions in Brazil added to the downside. On the other side, slow farmer selling in Brazil limited the losses.
SOYOIL futures dropped 62 to 65 points on Friday.
SOYMEAL futures finished lower to end the week.
CORN futures in Chicago finished four to five cents per bushel lower on Friday, due to chart-based trading.Large funds mostly stayed to the sidelines today, having completed many of their big purchases well ahead of the long weekend. Markets in the US are closed on Monday, February 20 for Presidents Day. Markets will also be closed in Canada.
Traders squared positions ahead of the three-day break.
WHEAT futures in Chicago fell four to six cents per bushel to end the week as favourable weather conditions around the world in major wheat-growing nations continued to push the market lower.
The Russian agriculture ministry says 96 percent of the winter crop is in either good or satisfactory condition. Meanwhile, warm weather with bouts of precipitation in the Southern Plains are enriching soil conditions and ideas the season may start a little earlier.
There are reports Algeria bought 200,000 tonnes of wheat from a country. Some analysts speculate it was Canada.
