By Dave Sims, Commodity News Service Canada
Winnipeg, November 21 (CNS Canada) – The ICE Futures Canada canola market recorded mild losses on Tuesday, as strength in the Canadian dollar pointed the way lower.
Losses in U.S. soyoil weighed down the market.
The front-month January contract ran into some resistance on the charts, according to a Winnipeg-based trader.
Technical selling was a feature as investors began to take positions ahead of the Thanksgiving holiday on Thursday.
However, advances in U.S. soyoil helped limit the losses and demand remains reasonably firm.
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Around 19,056 canola contracts were traded on Tuesday, which
compares with Monday when around 11,307 contracts changed hands. Spreading accounted for 8,560 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished one cent weaker on Tuesday, pressured by the U.S. harvest, which is nearing the finish line.
Planting in Argentina could be delayed due to poor weather.
There are signs that demand from China is weakening, which was bearish.
The corn market ended relatively unchanged in sideways trade on Tuesday.
There is speculation that looming dry weather could help speed up the final 10 percent of the U.S. harvest.
Japan has announced it will soon accept U.S. ethanol for use in its energy program.
The Chicago wheat market gained four to five cents on Tuesday.
The market took strength as the condition of the U.S. winter wheat crop fell. Just 52 percent of the crop is listed as good or excellent, down from 54 percent last week.
Technical buying was a feature of the day’s activity.
