By Jade Markus, Commodity News Service Canada
Winnipeg, January 5 (CNS Canada) – ICE Futures Canada canola settled mixed, but mostly unchanged, on Thursday.
Traders are waiting for fresh news amid a mix of bullish and bearish factors.
“Technically, we’re just kind of going sideways here. We’re kind of in a sideways pattern, a holding pattern,” said one Winnipeg-based analyst.
He doesn’t expect the market to break out of that pattern soon.
A South American weather premium underpinned nearby contracts, while advances in the Canadian dollar tempered gains and pressured deferred months.
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About 12,348 canola contracts traded on Thursday, which compares with Wednesday when 14,785 contracts changed hands.
Spreading accounted for about 5,050 of the contracts traded.
Durum and barley futures were untraded and unchanged, while milling wheat was revised higher after the close.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed two to three cents per bushel weaker on Thursday, pressured by declines in the Argentinian peso.
Argentina’s currency has traded at record-lows, analysts say, which is bearish as it is likely to spur producer-selling.
Reports of improved soil moisture in Brazil added to the downside.
SOYOIL prices closed slightly higher on Thursday.
SOYMEAL closed lower on Thursday.
CORN futures were one to two cents per bushel higher on Thursday, supported by heavy rains in key growing areas of Argentina.
The US dollar has pulled back against a basket of currencies, which underpinned the market by making the country’s commodities more affordable to international buyers.
However, losses in the Argentinian peso capped gains.
WHEAT closed four to eight cents per bushel higher on Thursday, moving close to a six-week-high.
Speculative buying was the dominant bullish feature for the grain, analysts said.
Like corn, wheat was propped by weakness in the US dollar.
