By Jade Markus, Commodity News Service Canada
Winnipeg, January 13 (CNS Canada) – ICE Futures Canada canola closed lower on Friday.
Traders took profits ahead of the weekend and after driving values higher earlier in the session. Losses in the Chicago Board of Trade soyoil market also had a bearish effect on prices.
The Canadian dollar continued to advance against its US counterpart on Friday, which further pressured canola.
However, the March contract closed above the technically important C$500 per tonne level, after briefly dropping below that mark earlier in the day.
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About 18,306 canola contracts traded on Friday, which compares with Thursday when 20,882 contracts changed hands.
Spreading accounted for about 10,748 of the contracts traded. Durum and barley futures were untraded and unchanged, while milling wheat was revised lower after the close.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade were down two to up six cents per bushel on Friday, as United States Department of Agriculture data continued to underpin the market. The USDA revised its projections for soybean production lower in its World Agricultural Supply and Demand Estimates released on Thursday.
Declines in the US dollar also had a bullish effect on prices.
However, dry areas of Brazil are expected to see rain, market watchers say, which kept a lid on gains.
SOYOIL prices closed lower on Friday.
SOYMEAL closed stronger on Friday.
CORN futures were mostly unchanged on Friday. Investor short-covering pushed the market up at the close. Spillover support from soybeans added to the upside.
On the downside, quarterly stocks of the grain were higher than analysts had expected, which capped gains.
The USDA also cut estimated feed use of corn, and didn’t raise ethanol and export demand as much as some traders had thought, which capped gains.
WHEAT closed down a quarter of a cent to up about three cents per bushel on Friday.
USDA data said winter wheat seeding dropped to its lowest level in more than a century, which underpinned deferred contracts.
However, profit taking ahead of the weekend was also a feature.
