By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, December 23 – THE ICE Futures Canada canola market suffered modest losses on Friday, following declines in vegetable oil.
US soybeans were also weaker, which was bearish for canola.
Trading was choppy as investors squared contracts and positioned themselves ahead of the Christmas break.
US markets will be closed until December 27 while Canadian markets re-open on December 28.
The soybean crop in South America is expected to be massive, which weighed on the market.
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Technical selling was a feature.
However, the Canadian dollar was weaker, which made canola more attractive to buyers on the international market.
Pakistan is reportedly looking to buy canola.
Milling wheat, barley and durum were untraded.
About 23,240 canola contracts traded on Friday which compares with Thursday when 39,902 contracts changed hands. Spreading accounted for about 14,758 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed four to seven cents per bushel weaker on Friday, as investors sold during the last trading day before Christmas.
Beneficial rains are expected to continue in Argentina’s key soybean growing areas over the short term, which added to the downside.
Weakness in the nearby soyoil market was also a feature.
However, strong export demand limited losses.
SOYOIL prices dropped on Friday.
SOYMEAL closed lower on Friday.
CORN futures were about one cent per bushel weaker on Friday, also feeling pressure ahead of the holidays.
However, a lack of fresh news kept losses in check.
Analysts say the market is largely rangebound.
WHEAT closed about three cents per bushel lower on Friday, pressured by selling ahead of the holidays.
Weaker demand reflected in data from the United States Department of Agriculture earlier in the week added to the downside.
