By Dave Sims, Commodity News Service Canada
Winnipeg, December 28 (CNS Canada) – Canola contracts on the ICE Futures Canada platform ended lower on Thursday, tracking losses in vegetable oil markets.
The Canadian dollar was over a third of a cent stronger compared to its U.S. counterpart, which made canola less attractive to domestic crushers and foreign buyers.
Losses in U.S. soybeans were bearish for canola.
Funds continued to liquidate long positions.
However, canola’s lower prices are starting to attract some bargain hunters.
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Slow farmer selling helped to prop up prices somewhat.
Around 20,639 canola contracts were traded on Thursday, which compares with Wednesday when around 32,179 contracts changed hands. Spreading accounted for 14,370 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade ended eight to 10 cents lower on Friday in speculative selling. A lack of fresh news was negative for the market.
Traders took profits in the early going.
Workers at a port in San Martin, Argentina are on strike, which is causing some minor delays.
Corn futures fell one to two cents on Thursday as traders covered short positions.
United States corn exports are sluggish.
On the other side, Brazilian corn prices are rising, which could help bump up US shipments.
A major consulting firm in Ukraine has lowered its estimate for Black Sea corn production by one percent.
Chicago wheat futures finished around half a cent lower on Thursday.
Large global wheat supplies are keeping values in check.
There are some concerns over what effect cold temperatures may be having in the U.S. Plains as there isn’t any snow cover to insulate the ground.
Some support came from light commercial buying.
