By Phil Franz-Warkentin and Jade Markus, Commodity News Service Canada
Winnipeg, Nov. 16 (CNS Canada) – ICE Futures Canada canola futures were higher on Wednesday, as solid end-user demand provided support.
Ideas that some canola will still be left unharvested in Western Canada over the winter added to the firmer tone, as the latest snowfall in Alberta should stick around.
However, losses in the Chicago Board of Trade soy complex did put some spillover pressure on canola and prices held within a rather narrow range.
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Declining crush margins were another bearish influence, likely dissuading some domestic processor buying interest, according to participants.
About 16,004 canola contracts were traded on Wednesday, which compares with Tuesday when 18,729 contracts changed hands. Spreading accounted for 10,204 of the contracts traded.
Milling wheat, durum, and barley were all untraded, although prices were revised after the close.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed mostly lower on Wednesday. Front contracts declined about four cents per bushel, while deferred contracts were unchanged to up one cent.
The market was pressured by advances in the US dollar.
The greenback moved to a 13-year-high ahead of close on Wednesday, which is bearish for the country’s commodities as it makes them less appealing to international buyers.
Mostly favourable seeding conditions in South America added to the downside.
However, strong demand from China limited losses and could underpin the market in coming sessions.
SOYOIL prices closed lower on Wednesday, following overnight weakness in Malaysian palm oil.
SOYMEAL closed weaker on Wednesday.
CORN futures were about three cents per bushel lower on Wednesday, also pressured by recent strength in the US dollar.
Spill-over pressure from soybeans also had a bearish effect.
Market watchers say China has increased purchases of sorghum instead of corn due to transportation issues, which further pressured prices.
WHEAT closed two to four cents per bushel weaker on Wednesday, pressured by strength in the US dollar.
Ample global supplies of the grain continue to overhang the market, which is bearish.
Winter wheat crop conditions are better than last year, United States Department of Agriculture data says, which added to the downside.
