By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, May 24 (CNS Canada) – ICE Futures Canada canola contracts finished slightly lower on Wednesday, weighed down by bearish action in the Canadian currency.
The Canadian dollar was roughly half a cent stronger compared to its US counterpart, which made canola less attractive to out-of-country buyers.
Losses in the US soy complex and vegetable oil markets also undermined values.
However, excess moisture in parts of Saskatchewan and Alberta is holding up seeding progress, which was supportive.
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Commercial stocks of canola remain tight in Canada and most farmers are too busy right now to sell supplies.
About 9,048 canola contracts traded on Wednesday, which compares with Tuesday when 14,665 contracts changed hands. Spreading accounted for 4,132 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed mostly unchanged on Wednesday.
Market watchers say a mix of bullish and bearish factors kept the market range-bound in the near-term.
On the downside, ideas that there will be increased soybean acres in the US this year caused slight losses in front contracts.
Reports of increased sales from competing growing region South America were also bearish.
But on the upside, analysts say rain could adversely affect the US oilseed crop, which limited declines.
SOYOIL prices closed slightly lower on Wednesday.
SOYMEAL closed mixed, but mostly unchanged on Wednesday.
CORN futures closed one to two cents per bushel higher on Wednesday.
The grain was supported by fund short-covering, market watchers say.
Ideas that demand for ethanol will pick up added to corn’s upside.
WHEAT closed one to three cents per bushel higher on Wednesday, underpinned by investor short-covering.
Concern about US winter wheat crops also lent support to the market.
