By Dave Sims, Commodity News Service Canada
Winnipeg, July 31 – The ICE Futures Canada canola market finished lower on Monday, tracking losses in US soybeans.
Improving weather conditions in the US Midwest were bearish for soybeans, which weighed on canola.
The Canadian dollar is still hovering near the 80 US cent mark, which cast a bearish shadow over the market.
The dominant November contract ran into technical resistance at the C$510 a bushel mark.
However, the Prairies are still seeing lots of hot and dry weather, which supported prices.
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Gains in vegetable oil were bullish for canola.
About 8,389 canola contracts traded on Monday, which compares with Friday when 12,113 contracts changed hands. Spreading accounted for 850 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market ended five to eight cents lower. Prices were pressured by the improving weather situation in the US Midwest.
Some technical selling was also a factor.
Weekly export inspections were within most trade guesses.
Corn was around two to three cents weaker as milder temperatures and forecasts calling for average rain in the US Corn Belt weighed on prices.
The slow pace of Brazil’s corn harvest was also supportive. So far, just half of the crop has been taken off, compared with an average of around 75 percent.
There are ideas Brazil plans to slash taxes on ethanol.
Wheat was four to six cents weaker due to weather issues and spillover losses in corn and soybeans.
Weekly export inspections were pegged at just under 580,000 tonnes, which was slightly above what most analysts expected.
Russia’s crop looks nearly as big as last year’s record one which was bearish.
