By Phil Franz-Warkentin, MarketsFarm
Winnipeg, Oct. 21 (MarketsFarm) – ICE Futures canola contracts were weaker on Monday, as a firmer tone in the Canadian dollar and speculative selling pressure weighed on values.
Seasonal harvest pressure also weighed on prices, as heavy farmer deliveries are filling up the commercial pipeline despite the ongoing delays in many areas.
About 35 per cent of the country’s canola crop is still waiting to be harvested, with producers in Alberta the farthest behind.
The slow harvest helped limit the losses. Strength in Chicago Board of Trade soyoil also provided some underlying support.
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About 46,238 canola contracts traded on Monday, which compares with Friday when 29,835 contracts changed hands. Spreading accounted for 37,612 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade settled with small losses after trading to both sides of unchanged on Monday.
The soybean market appeared to be running into upside resistance from a chart standpoint, accounting for some of the selling pressure as an overnight attempt at moving higher was met with selling.
Uncertainty over trade relations between the United States and China remained a feature in the background, with China buying 480,000 tonnes of Brazilian beans last week and none from the U.S.
However, support came from ongoing harvest delays across the U.S. Midwest, as cool and wet conditions continue to slow the progress.
CORN was softer, taking some direction from wheat.
The U.S. corn harvest is also running well behind normal, but those concerns have been factored into the market for some time and the market continued to back away from the nearby highs hit last week.
WHEAT futures were all lower, with speculative profit-taking on last week’s gains a feature.
Weekly U.S. wheat export inspections of just over half a million tonnes were up on the week, and helped keep the wheat export pace running ahead of the year ago level.
Concerns over the quality of the North American spring wheat crop were also supportive, with a large portion still unharvested and dealing with adverse conditions.
