By Dave Sims, Commodity News Service Canada
Winnipeg, February 9 (CNS Canada) – The ICE Futures Canada canola complex finished lower on Friday, tracking losses in U.S. soyoil.
Fund selling was also a feature of the day.
“It felt like we want to higher but there has been all this outside market carnage,” said a trader in Winnipeg. “The equities were getting pounded this week.”
Losses in U.S. soybeans added to the downside.
However, demand from end-users remains strong.
The Canadian dollar remains stuck around the 79 U.S. cent mark, which made canola more attractive to domestic crushers and foreign buyers.
Around 20,094 canola contracts were traded on Friday, which compares with Thursday when around 27,082 contracts changed hands. Spreading accounted for 15,464 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade trended lower on Friday as rain continued to fall on parched regions of Argentina.
Yesterday’s bearish USDA report continued to weigh on values.
Strength in soymeal limited the losses.
The corn market ended weaker as traders booked profits before the weekend.
The market was also undergoing a slight correction after reaching its highest point since late 2017.
China is buying more corn from Ukraine these days. China is limiting the amount of genetically modified foodstuffs it accepts and U.S. corn is starting to bear the brunt.
Chicago wheat futures softened with technical selling on Friday.
Moisture is forecast to fall in key areas of the U.S. Southern Plains, which was bearish.
Algeria has placed an order for 150,000 tonnes of durum wheat and early indications are that it will likely come from Canada.