By Dave Sims, Commodity News Service Canada
Winnipeg, April 26 (CNS Canada) – The ICE Futures Canada canola market finished weaker on Thursday in technical selling.
Traders were positioning themselves ahead of tomorrow’s acreage report by Statistics Canada.
Some farmers in Western Canada will likely begin planting next week due to the warm weather.
Canola is looking expensive relative to soybeans and other oilseeds.
However, strength in the U.S. soy complex and weakness in the Canadian dollar was bullish for canola.
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Road-bans in rural Prairie areas are reducing the amount of supplies farmers can deliver right now, which was supportive.
Around 14,877 canola contracts were traded on Thursday, which compares with Wednesday when around 20,749 contracts changed hands. Spreading accounted for 6,806 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished mostly unchanged in a choppy day of technical trade.
Futures took strength from some follow-through buying in the early going.
Things are not going well in Argentina; just a day after the country imported 130,000 tonnes of soybeans from the United States, a ship collided with a pier at the port in Rosario, disrupting operations in the harbour.
Corn futures ticked slightly lower as traders squared positions.
Planting progress in the U.S. is still going slow, which was supportive.
There are ideas the trade dispute between China and the U.S. over sorghum, will be settled soon.
Chicago wheat futures corrected lower on Thursday.
Crops in Russia and Ukraine seem to have come through the winter mostly unscathed, which was bearish.
On the other side, weekly U.S. exports were better than expected, which helped support the market.
