By Phil Franz-Warkentin and Jade Markus, Commodity News Service Canada
Winnipeg, April 4 (CNS Canada) – ICE Futures Canada canola contracts settled with small gains on Tuesday, after a choppy day that saw prices bounce to both sides of unchanged.
Both buyers and sellers showed a reluctance to push values too far one way or the other in the absence of any fresh fundamental news, according to a broker.
Weakness in the Canadian dollar, concerns over tightening old crop supplies, and a lack of significant farmer selling, all provided support.
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However, a lack of significant end user demand on the other side kept canola within a rather narrow range.
Generally bearish technical signals and a softer tone in the Chicago Board of Trade soy complex also weighed on values.
About 19,814 canola contracts were traded on Tuesday, which compares with Monday when 15,786 contracts changed hands. Spreading accounted for 12,588 of the contracts traded.
Milling wheat, durum, and barley were all untraded, although durum prices were revised after the close.
SOYBEAN futures at the Chicago Board of Trade closed mostly unchanged on Tuesday, pressured by competing South American supplies.
Brazilian producers are expected to wrap up harvest this month, which is bearish, especially as market watchers say production estimates could move higher as crops move on stream.
Ideas that soybean values have become oversold limited the market’s downside.
SOYOIL prices closed mostly unchanged on Tuesday.
SOYMEAL closed stronger on Tuesday.
CORN futures closed four to five cents per bushel weaker on Tuesday.
Investor profit-taking was a feature, following multiple sessions of advances for the grain.
High stockpiles of corn added to the downside.
WHEAT closed one cent lower to three cents per bushel stronger on Tuesday.
Front contracts were pressured by ample stocks of wheat, as inventories are well above year-ago levels.
A stronger US dollar added to the downside.
Deferred contracts were supported by ideas that US producers will seed a lower amount of wheat this year.
