By Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, Oct. 31 (CNS Canada) – ICE Futures Canada canola contracts was mixed on Monday, although the bias was to the downside in most months by the close.
Persistent weather concerns and harvest delays in Western Canada helped prop up the nearby contracts for most of the session, amid expectations for tightening supplies going forward, said traders.
Bullish technical signals, gains in Chicago Board of Trade soybeans, and weakness in the Canadian dollar added to the firmer tone.
Read Also
Canadian Financial Close: C$ firm Friday
Glacier FarmMedia — The Canadian dollar strengthened Friday, as dovish comments out of the United States Federal Reserve weighed on…
However, chart resistance held to the upside, while declines in CBOT soyoil also pressured values.
Cash prices topping C$11 per bushel in the countryside were said to be encouraging farmer selling, although producers remain reluctant sellers overall.
About 18,429 canola contracts were traded on Monday, which compares with Friday when 30,420 contracts changed hands. Spreading was a feature, accounting for 17,628 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
SOYBEAN futures at the Chicago Board of Trade were up 1 to down 1 cent per bushel on Monday, as solid export demand was countered by seasonal harvest pressure.
The US harvest is nearing completion, with relatively favourable weather and the prospects of a record large crop weighing on soybean prices.
However, beans already posted large losses on Friday, and managed to find some support to the downside and turn higher on Monday.
Weekly US soybean export inspections came in at nearly 2.9 million tonnes, which provided good support. A separate 264,000 tonne sale to China was also reported.
SOYOIL futures were down on Monday.
SOYMEAL futures were down on Monday.
CORN futures in Chicago were down by less than a cent per bushel on Monday, as seasonal harvest pressure was countered by spillover strength from wheat.
Weekly US corn export inspections, of 791,000 tonnes, were up from the previous week. News of a 100,000 tonne sale of US corn to Barbados was also supportive.
However, just as in soybeans, the advancing US harvest limited the advances.
WHEAT futures in Chicago were up by 2 to 8 cents per bushel on Monday, with chart-based buying accounting for some of the strength.
Ideas that dry weather may be delaying winter wheat emergence in some parts of the US Plains were also supportive.
Weekly US wheat export inspections, at 325,000 tonnes, were up from the previous week, but still soft overall.
Ample world supplies continued to keep the wheat market under pressure, limiting the gains.
