By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, November 14 – THE ICE Futures Canada canola market finished lower on Monday, weighed down by losses in vegetable oil and Chicago Board of Trade soybeans.
Declines in crude oil added to the downside.
Weather conditions in South America have been generally favourable for seeding while waves of freshly-harvested US soybeans are making their way onto the market, which was bearish.
However, the Canadian dollar was lower compared to its US counterpart, which made canola more enticing to foreign buyers.
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The future of trade with China seems somewhat uncertain due to the recent election of Donald Trump as US President. He previously stated he wanted to see the trading relationship with the Asian country adjusted.
Milling wheat, barley and durum were untraded.
About 15,150 canola contracts traded on Monday, which compares with Thursday when 18,149 contracts changed hands. Canadian markets were closed Friday for Remembrance Day. Spreading accounted for about 7,410 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed two to seven cents per bushel weaker on Monday, pressured by fresh strength in the US dollar.
The greenback moved to a nine-month-high against a basket of currencies on Monday, which is bearish for US commodities, as it makes them less appealing to international buyers.
Seeding progress in South American countries added to the downside on Monday.
The US harvest is wrapping up, reports out of the country say, which further pressured prices.
SOYOIL prices lost ground on Monday, tracking overnight losses in the Malaysian palm oil market.
SOYMEAL closed stronger on Monday.
CORN futures were three to four cents per bushel weaker on Monday, pressured by gains in the US dollar.
Spillover weakness from the soybean market added to the downside.
Increased Russian exports also had a bearish effect on US prices.
WHEAT declined nine to 11 cents per bushel on Monday, also pressured by a stronger domestic currency.
A bearish supply and demand situation continued to overhang the market and added to the downside.
Analysts say wheat is likely stuck in a trading range.
