By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, February 14 (CNS Canada) – ICE Futures Canada canola closed mostly weaker on Tuesday, pressured by losses in the Chicago Board of Trade soybean market.
CBOT soybeans declined with strong selling from US producers. The country’s farmers are increasing sales before competing supplies from South America pressure the market.
A lack of crusher-interest was also bearish for canola values.
However, ideas that supplies will be tight moving into the spring underpinned deferred contracts.
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About 25,291 canola contracts traded on Tuesday, which compares with Monday when 22,870 contracts changed hands.
Spreading accounted for about 8,325 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 settled eight to nine cents per bushel lower due to fund selling.
Weather conditions in southern Brazil are favourable for soybeans in the filling stage while crops in central regions of the country are said to be maturing rapidly.
US exports are generally expected to slow down in the coming weeks as the bulk of the South American crop makes its way to market.
SOYOIL futures dipped three points on Tuesday.
SOYMEAL futures ended lower.
CORN futures in Chicago finished one to two cents per bushel weaker Tuesday due to chart-based trading.
Profit-taking was a feature as prices linger near their highest point in half-a-year.
Mexico’s threat to cut imports of US corn, weighed on the market.
WHEAT futures in Chicago softened by two to three cents per bushel on Tuesday, as moisture continued to fall on parts of the southwestern US Plains. The water is expected to replenish soil moisture in several dried-out areas.
Prices continued to correct off the deep lows they saw in December, an analyst said.
On the other side, there are concerns wheat in Kansas and Nebraska could emerge somewhat early if conditions don’t change soon. Analysts say this could raise the risk of frost-damage.
