Glacier FarmMedia — The ICE Futures canola market was weaker on Monday, settling below nearby chart support after trading to both sides of unchanged.
Losses in Chicago soybeans and corn accounted for some spillover selling in the Canadian oilseed, with good Midwestern weather behind the selling pressure in those markets. However, persistent dryness concerns in parts of Alberta and Saskatchewan provided some underlying support.
The November contract moved below its 20- and 50-day moving averages, which likely encouraged some additional speculative selling.
There were 31,931 contracts traded on Monday, which compares with Friday when 32,543 contracts changed hands. Spreading accounted for 15,700 of the contracts traded.
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ICE canola mostly weaker in choppy midday trade
Glacier FarmMedia — The ICE Futures canola market was mostly lower at midday Monday in choppy activity. Losses in Chicago…
SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, with timely Midwestern rains and forecasts calling for moderate temperatures over the next week weighing on prices.
News that Argentina was planning on lowering export taxes on agricultural goods added to the softer tone, as the country is a major global supplier of soymeal and soyoil.
Weekly United States soybean export inspections of just under half a million tonnes were in line with trade expectations.
The U.S. and European Union reached an agreement on trade over the weekend which will see a blanket 15 per cent import tariff on most European goods. The U.S. was also in trade talks with China.
CORN fell to its softest levels in two weeks, also pressured by the good weather and lower Argentinian export taxes.
Weekly U.S. corn export inspections were solid at around 1.5 million tonnes — providing some support.
WHEAT futures were narrowly mixed, with losses in spring wheat and a steadier tone in the winter wheats.
Weekly U.S. wheat export inspections came in below trade expectations at just under 300,000 tonnes.
