By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, November 28 – THE ICE Futures Canada canola market finished lower on Monday, as strength in the Canadian dollar put a bearish tone on prices.
The Canadian dollar was over half a cent stronger relative to its US counterpart, which made canola less attractive to domestic crushers and out-of-country buyers.
“Harvest is going to be a struggle,” said a trader. Growers are waiting for fields to freeze up.”
Analysts are now waiting to see the final agriculture report from the Alberta government to try and figure out how much canola remains in that province. That report is due out later this week.
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However, advances in vegetable oil and the Chicago Board of Trade soy complex, helped mitigate the losses.
Argentina is expected to plant fewer soybeans this year, which was supportive.
Milling wheat, barley and durum were untraded.
About 27,333 canola contracts traded on Monday, which compares with Friday when 21,796 contracts changed hands. Spreading accounted for about 14,214 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed seven to ten cents per bushel higher on Monday, propped up by strong demand.
Export inspections reported by the United States Department of Agriculture (USDA) underpinned the oilseed.
Technical-buying was also a feature, market watchers say.
However, competitive pricing from South America limited the upside.
SOYOIL prices were slightly higher on Monday.
SOYMEAL closed higher on Monday.
CORN futures were mostly unchanged on Monday.
Front contracts felt spill over pressure from the wheat market.
The progressing French corn harvest added to the downside.
Despite lower than expected export inspections, ideas that demand going forward will be strong limited the downside in deferred contracts.
WHEAT closed three to six cents per weaker on Monday, pressured by technical-selling.
Mostly-favourable winter wheat crop conditions added to the downside.
