By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, March 27 (CNS Canada) – ICE Futures Canada canola closed stronger on Monday, underpinned by losses in the Canadian dollar and fund buying.
The loonie handed back gains against its US counterpart on Monday, which is bullish for canola as it makes the commodity more affordable for international buyers.
Traders moved to the buy side on Monday after weakness earlier in the day, with ideas that the market may have become oversold.
However, spillover weakness from the Chicago Board of Trade soybean market limited the market’s upside.
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About 35,614 canola contracts traded on Monday, which compares with Friday, when 39,460 contracts changed hands. Spreading accounted for about 14,936 of the contracts traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade fell four to six cents per bushel on Monday, as weekly export inspections were weaker than expected.
According to AgRural, Brazil’s harvest is 68 per cent complete, which was ahead of the 62 per cent average.
Managed money accounts reduced their net long position by 32,685 contracts, according to a report by ProFarmer.
SOYOIL futures rose six to seven points on Monday.
SOYMEAL futures finished lower on the day.
CORN futures in Chicago finished narrowly mixed in choppy trading.
Favourable weather conditions in South America were bearish for the market.
However, weekly export inspections exceeded expectations, which was supportive.
Weakness in the US dollar helped limit the downside.
WHEAT futures in Chicago dropped four cents per bushel on Monday as rain swept across the US Plains, alleviating dry soil conditions.
Weekly export inspections for soybeans were in the mid-range of expectations.
Commercial demand helped to prop up values.
