By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, November 4 – THE ICE Futures Canada canola market ended higher Wednesday, taking strength from gains in the US soy complex.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to foreign buyers.
Malaysian palm oil and European rapeseed futures were both higher which was bullish for values.
Commercial buying has been steady while demand from China helped underpin the market.
However, North American harvest pressure weighed on prices.
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There are widespread expectations the next StatsCan report will show a larger canola crop than previously reported, which was bearish.
Milling wheat, barley and durum were all untraded.
A total of 24,296 canola contracts were traded on Wednesday,
which compares with Tuesday when 14,618 contracts changed hands. Spreading accounted for 12,252 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
SOYBEAN futures at the Chicago Board of Trade closed three to six cents per bushel higher Wednesday as continued demand from China supported prices.
China has increased imports of the oilseed in recent weeks, which is bullish.
Analysts say soybeans are trading sideways, and activity may be limited until a November 10 monthly supply and demand report from the USDA is released.
SOYOIL prices settled higher on Wednesday tracking Malaysian palm oil.
SOYMEAL closed higher on Wednesday, following nearby grain and oilseed markets.
CORN futures closed half a cent per bushel lower to three-quarters of a cent per bushel higher on Wednesday as investor short covering balanced data on the upcoming US crop.
Private forecasters raised their projections for this year’s US production, which is bearish.
Like soybeans, corn is expected to see only limited trading until the supply and demand report is released.
WHEAT closed eight to nine cents per bushel stronger on Wednesday, mostly moving on technical buying, according to traders.
However, rain in US winter wheat growing regions capped gains, as it improves the outlook for next year’s crop.
The outlook for wheat could be improved, as analysts say demand for the commodity is picking up.
– Jordan is tendering for 100 thousand metric tonnes of hard red wheat. The tender closes on November 12, analysts say.
– Japan did not receive any offers on its feed wheat and barley tender.
