By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, December 28 – THE ICE Futures Canada canola market recorded losses on Wednesday, in sympathy with the US soy market.
Canola was “bouncing off the lows” for much of the morning according to a trader in Winnipeg. He noted funds were active sellers.
The Canadian dollar was slightly higher relative to its US counterpart, which made canola less desirable on the international market.
On the other side, strength in Malaysian palm oil lent some support to prices.
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Canola’s most-active March contract received technical support at the C$508 per tonne level.
Milling wheat, barley and durum were untraded.
About 36,953 canola contracts traded on Wednesday which compares with Friday when 23,240 contracts changed hands.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed five to eight cents per bushel weaker on Wednesday, as competing oilseeds from South America are expected to move into markets in the next couple months.
US farmers have been selling soybeans on rallies, market watchers say, and yesterday’s gains may cause an influx of product, which is bearish.
Chart-based trends look mixed to lower, analysts say, which added to the downside, and could pressure the market in coming sessions.
SOYOIL prices dropped on Wednesday.
SOYMEAL closed lower on Wednesday.
CORN futures were six to seven cents per bushel weaker on Wednesday, feeling spillover pressure from the wheat market.
The expectation for strong demand reflected in weekly export inspections limited losses.
WHEAT closed five to eight cents per bushel lower on Wednesday, as Ukraine is expected to be exporting at a faster pace than the previous year.
However, there is still demand for high quality wheat, which limited the downside.
Yearly export inspections reported by the United States Department of Agriculture are mostly in line with the five-year-average.
