By Dave Sims, Commodity News Service Canada
Winnipeg, November 10 – The ICE Futures Canada canola market finished lower to end the week, pressured by losses in the soyoil market.
The January contract temporarily broke below technical support at the C$515 mark but managed to recover by the close.
The Brazilian soybean crop has received some moisture, which has improved growing conditions there.
Traders were positioning themselves before the weekend.
However, gains in soybeans helped to limit the losses.
Crush margins have improved recently and demand for canola remains strong.
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Around 12,897 canola contracts were traded on Friday, which compares with Thursday when around 18,500 contracts changed hands. Spreading accounted for 3,936 of the contracts traded. The Canadian market will be closed on Monday, November 13, for Remembrance Day.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished two cents stronger on Friday as large funds went bargain-hunting after yesterday’s losses.
The soybean harvest progress report on Monday is expected to come in at 94 percent finished. That compares to the five-year average of 95 percent complete.
According to the USDA, U.S. soybean production is expected to rise three percent annually, which undermined the market.
The corn market ended one to two cents higher in mostly technical trade.
The market corrected slightly higher after the December contract hit a new low yesterday.
However, the market remains under pressure and some further long liquidation is likely.
The wheat market posted gains of two to four cents on Friday.
The market enjoyed spillover gains from corn and soybeans.
Demand for U.S. wheat is somewhat sluggish as cheap supplies from the Black Sea region continue to stream onto the market.
