By Dave Sims, Commodity News Service Canada
Winnipeg, June 8 (CNS Canada) – The ICE Futures Canada canola market ended lower on Friday, once again weighed down by losses in the U.S. soy complex. It was the fourth consecutive session that canola futures finished the day lower.
Modest strength in the Canadian dollar was bearish for canola and the technical bias was pointed lower.
Chinese buying was light this week, which undermined the market.
However, excessively dry fields in parts of southeastern Alberta and southwestern Saskatchewan helped to prop up prices.
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Overall demand for canola remains reasonably solid.
Around 22,551 canola contracts were traded on Friday, which compares with Thursday when around 23,318 contracts changed hands. Spreading accounted for 13,702 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures finished lower to end the week, weighed down by forecasts calling for rain in the Midwest.
Some traders were also sticking to the sidelines today, in case of unforeseen developments at the G7 summit. Trade relations remain a thorny subject between
United States President Donald Trump and other nations attending the meeting.
Crush margins in the U.S. are starting to narrow.
Corn futures finished mostly unchanged in sideways trade.
Demand for corn from China appears to be fading. At the country’s latest auction, 933,000 tonnes of corn were purchased, which was just 23 per cent of the amount offered.
Weather conditions in the U.S. Corn Belt appear mostly favourable, which was bearish for values.
Chicago wheat futures were pressured lower in speculative selling.
Rain was also forecast to fall in the U.S. northwest, which was bearish.
Large world stocks dragged on prices.
