By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, May 3 – The ICE Futures Canada canola market ended mostly higher in choppy trading on Wednesday.
Tightening canola supplies across the Canadian Prairies supported prices.
Traders were positioning themselves ahead of Friday’s Statistics Canada’s stocks report.
Advances in US soybeans helped to prop up canola.
“Basis levels in the country have generally improved,” said an analyst in Winnipeg.
However, losses in Chicago Board of Trade soyoil and Malaysian palm oil dragged on values.
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Weather conditions have turned warm and dry which should help farmers get back on the field.
Around 14,377 canola contracts were traded on Wednesday, which
compares with Tuesday when around 18,547 contracts changed hands.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed five to seven cents per bushel higher on Wednesday.
The market was supported by a weather-related premium, amid seeding in the US.
Forecasts for rain in key growing areas, which has the potential to cause flooding, underpinned values.
A stronger Brazilian real was also bullish.
Advances in that currency are supportive, as it curbs producer-selling.
SOYOIL prices closed weaker on Wednesday.
SOYMEAL closed stronger on Wednesday.
CORN futures were about two cents per bushel higher on Wednesday, underpinned by strength in soybeans and a weather-related premium.
Rain in key US growing areas underpinned prices for the grain.
However, weaker prices for ethanol limited corn’s upside.
WHEAT closed mostly unchanged on Wednesday.
The market may have become overbought, analysts say, which pressured values.
However, concern about damage to the US wheat crop lingered, which limited the market’s downside.
