By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, September 14 – THE ICE Futures Canada canola market underwent a slight correction Wednesday, after two straight days of losses.
The Canadian dollar was slightly weaker compared to its US counterpart, which made canola more enticing to foreign buyers.
Wet conditions have slowed harvest activity across Western Canada while frost was recorded in some regions early Tuesday morning. That mixture, along with questions over how China treats Canadian canola imports going forward, has put some uncertainty into the market.
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However, losses in vegetable oil and crude oil were bearish for the market.
Recent projections calling for increased production of soybeans in the US, and for a large canola crop in Australia were bearish.
Around 14,729 canola contracts were traded on Wednesday, which compares with Tuesday when around 14,455 contracts changed hands.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed about one cent per bushel lower on Wednesday, pressured by high early yield reports.
Though export demand for the oilseed remains strong, the pace has slowed in recent sessions, which added to the declines.
However, attempts to consolidate after bearish United States Department of Agriculture (USDA) data limited losses.
SOYMEAL closed weaker on Wednesday.
CORN futures were one to three cents per bushel higher on Wednesday, supported by disease-pressure in parts of the US Corn Belt.
Lower than expected yields reported by the USDA added to the bullish tone.
However, seasonal harvest-pressure capped advances.
WHEAT closed two to four cents per bushel higher on Wednesday, propped up by investor short-covering.
The expectation that France will need to import a significant amount of wheat this year added to the advances.
France’s wheat production hit a 23-year-low as excess moisture and flooding damaged crops.
– In light of France’s weak domestic crop, Ukraine has exported 240,000 metric tonnes of wheat to India in July and August, according to reports on Wednesday.
– North Dakota farmers are almost finished spring wheat harvest, market watchers say.
