North American Grains/Oilseed Review – Canola Sinks On Last Trading Day Of 2015

By Dave Sims and Jade Markus, Commodity News Service Canada

Winnipeg, December 31 – The ICE Futures Canada canola market finished lower in thin-volume trading Thursday as investors booked profits on the last day of 2015.

Losses in the CBOT soy complex weighed down canola prices.

There are worries Argentina could export large quantities of soybeans early in 2016, now that the country’s export tax has been slashed by the new government.

Thin volumes exaggerated the declines as many traders stayed away from the action.

However, many parts of northern Brazil are too dry which helped to limit the losses, according to a report.

Crushers have been busy this week which lent support to canola.

Milling wheat, durum and barley were all untraded and unchanged.

Around 7,046 canola contracts were traded on Thursday, which compares with Wednesday when around 18,289 contracts changed hands. Spreading accounted for about 1,706 of the contracts traded.

Milling wheat, barley and durum were all untraded.

Settlement prices are in Canadian dollars per metric ton.

SOYBEAN futures at the Chicago Board of Trade closed four to six-and-a-half cents per bushel weaker on Thursday as the United States Department of Agriculture (USDA) released its weekly export report for the week ended December 24, which was especially bearish for soybeans.

Soybean sales totalled 478,800 metric tonnes for 2015/2016, which is down 77 per cent from the previous week, and 62 per cent from the prior four-week average, according to the USDA.

A relatively stronger US dollar further pressured prices, and the expectation of increased competition from Argentina added to the bearish tone.

Volumes were light ahead of the New Year.

SOYOIL prices settled lower on Thursday, tracking Malaysian palm oil.

SOYMEAL closed lower on Thursday.

CORN futures closed about one cent per bushel lower on Thursday, also pressured by weak export data.

Corn sales totalled 705,200 metric tonnes, which is down 12 per cent from the previous week and three per cent from the prior four-week average, the USDA said.

WHEAT closed mostly unchanged on Thursday, propped up by weather conditions and export data from the USDA.

Wheat sales totalled 363,500 metric tonnes, which is down two per cent from the previous week, but up 11 per cent from the prior four-week average, the USDA said.

However a strong US dollar limited gains on Thursday.

Flooding in the US Midwest is putting wheat crops in the region at risk.

The Midwest is seeing the worst flooding in four years, which has killed 28 people, according to reports, and thousands of pigs.
– Snow in Ukraine and Russia is easing concerns about the quality of the winter wheat in those regions.
– Too-hot weather in India is putting the country’s wheat at risk.

Futures Prices as of December 31, 2015

Canola
Price Change
Milling Wheat
2019-08-18 07:06
Price Change
March 236.00
May 240.00
Durum
2019-08-18 07:06
Price Change
March 318.00
May 326.00
New Barley
2019-08-18 07:06
Price Change
March 184.00
May 190.00

Prices are in Canadian dollars per metric ton

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