By Dave Sims, Commodity News Service Canada
Winnipeg, October 24 – The ICE Futures Canada canola market suffered modest losses on Tuesday in sympathy with U.S. soybeans and the vegetable oil market.
Farmers in Alberta have been able to get some harvesting in due to better weather conditions, which was bearish.
Canola ran into some technical resistance on the charts.
There is a lot of canola in the system right now, which dragged on prices.
On the other side, weakness in the Canadian dollar made canola generally more attractive to domestic crushers and foreign buyers.
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Around 38,801 canola contracts were traded on Tuesday, which compares with Monday when around 34,486 contracts changed hands. Spreading accounted for 23,276 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished four to five cents per bushel lower as farmers were dumping supplies onto the cash market.
The accelerating pace of the U.S. harvest and reports of good yields weighed on prices.
There is speculation China is about to slow down its purchases of soybeans, which undermined the market.
Corn rose one cent on Tuesday as traders covered shorts.
Harvest in the US is 38 percent complete, well off the 59 percent average.
On the other side, the open interest in the corn market is up, which could be a sign some new buyers have entered the market.
Wheat finished up to one cent stronger in technical trading.
Large funds were out looking for bargains today, despite the bearish fundamentals.
The U.S. dollar was stronger, which dragged on prices.
