By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, March 30 (CNS Canada) – ICE Futures Canada canola closed weaker on Thursday, dragged down by the US oilseed complex.
Chicago Board of Trade soybeans, soymeal and soyoil all declined on Thursday, ahead of a United States Department of Agriculture Prospective Plantings report, which caused spillover pressure.
The Canadian dollar advanced against its US counterpart on Thursday, which added to the downside in canola.
A weaker technical bias furthered the bearish tone.
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SOYBEAN futures at the Chicago Board of Trade dropped four to six cents on Thursday, as traders positioned themselves in advance of tomorrow’s USDA report, which is expected to be bearish.
A seasonal slowdown in Chinese buying contributed to the downside, according to an analyst.
Weekly US exports were better than expected. A total of 997,000 tonnes were shipped out last week, which exceeded analysts’ expectations of just 450,000 to 850,000 tonnes.
SOYOIL futures fell 19 to 20 points on Thursday.
SOYMEAL futures suffered small losses on Thursday.
CORN futures in Chicago finished one cent lower on technical trading and positioning before tomorrow’s report.
There is speculation China may dump corn from their reserve stockpile onto the market, a month sooner than normal.
However, the potential risk of flooding in Argentina helped support prices.
WHEAT futures in Chicago ended four cents lower on Thursday, weighed down by spillover losses in corn and soybeans.
Ideas that tomorrow’s report will show large stockpiles in the US were bearish for values.
However, US weekly export sales were solid, which helped offset the losses.
