By Dave Sims, Commodity News Service Canada
Winnipeg, November 8 – The ICE Futures Canada canola market finished slightly higher on Wednesday, taking strength from gains in vegetable oil markets.
Advances in U.S. soybeans were supportive amid steady global demand for oilseeds.
Traders weren’t pushing the market too hard in either direction.
Everyone is waiting to see if the USDA raises or lowers the U.S. soybean yield in tomorrow’s supply and demand report.
However, rain in northern Brazil has helped improve growing conditions for soybean fields there, which was bearish for
The Canadian dollar was roughly a quarter of a cent higher compared to its US counterpart, which made canola less attractive to international buyers.
Around 18,242 canola contracts were traded on Wednesday, which compares with Tuesday when around 22,211 contracts changed hands.
Spreading accounted for 12,572 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished two to three cents higher Wednesday in follow-through buying.
There is speculation the USDA will lower soybean yields by a slight amount in tomorrow’s supply and demand report.
China is expected to announce the framework of a rumoured deal to buy soybeans from the U.S.
Corn ended roughly half a cent higher on Tuesday in choppy, technical trade.
The market was relatively quiet ahead of tomorrow’s report, although there are ideas the USDA’s production estimate will be bigger.
The harvest in Ukraine is about two-thirds complete, however yields are down 18 percent.
Wheat futures were around one cent weaker in speculative trade.
Large world supplies weighed on values, ahead of the report. World wheat stocks are expected to be around 267.6 million tonnes.
Egypt has purchased of 120,000 tonnes of wheat from Russia.