By Dave Sims, Commodity News Service Canada
Winnipeg, June 5 (CNS Canada) – Canola contracts on the ICE Futures Canada platform finished relatively unchanged Tuesday in technical trading.
Losses in Chicago Board of Trade soyoil were bearish for prices.
Crop conditions for oilseeds in both Canada and the United States have generally been improving, which weighed on values.
However, the Canadian dollar fell against its U.S. counterpart on Tuesday, which made canola more attractive to domestic crushers and foreign buyers.
Canola enjoyed some technical support as it neared the bottom end of its recent range.
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Around 21,828 canola contracts were traded on Tuesday, which compares with Monday when around 24,182 contracts changed hands. Spreading accounted for 13,368 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures ended mostly unchanged on Tuesday, as the market took a breather after yesterday’s selloff.
The July contract received technical support at the C$10.00 per bushel level.
Planting progress in the United States is pegged at 87 per cent complete, which compares to the average for this time of year of 75 per cent.
Corn futures finished higher in corrective trade.
The market advanced after the crop condition rating in the United States fell one per cent to 78 per cent good to excellent.
Weather conditions in the U.S. Corn Belt look generally favourable right now, which was bearish for values.
Chicago wheat posted gains in speculative buying.
Condition ratings for the U.S. winter wheat crop fell one percent to just 37 percent good to excellent. The situation is much different for the
U.S. spring wheat crop though, which is rated 70 per cent good to excellent.
Japan has put out a tender for 140,000 tonnes of wheat from Australia, Canada or the U.S.
