The ICE Futures canola market was stronger on Monday, taking back some of Friday’s losses as contracts saw some consolidation to start the week.
Losses in Chicago soybeans and soyoil accounted for some spillover selling pressure in the canola market. European rapeseed and Malaysian palm oil held closer to unchanged.
U.S. markets will be closed on Thursday for Thanksgiving, with participants already thought to be moving to the sidelines and squaring positions ahead of the holiday.
The January canola contract traded in a range between its 20- and 50-day moving averages, settling at the upper edge of that range.
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A lack of significant export demand continued to weigh on values, although farmers also remained reluctant sellers on any moves lower.
There were 39,187 contracts traded on Monday, down from Friday when 38,768 contracts changed hands. Spreading accounted for 19,406 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, as market participants remain skeptical of exports from the United States to China hitting 12 million tonnes before the calendar year-end.
The U.S. Department of Agriculture reported a private export sale of 123,000 tonnes of soybeans to China this morning. However, weekly export inspections of about 799,000 tonnes during the week ended Nov. 20 were the lowest for that week since 2006.
U.S. markets will be closed Thursday for Thanksgiving and only open for reduced hours on Friday, with traders already moving to the sidelines ahead of the holiday.
CORN were lower, taking some direction from soybeans and wheat.
Weekly U.S. corn export shipments of 1.63 million tonnes were down 21 per cent from the previous week but up about 62 per cent from the same week a year ago.
Delayed crushing data showed 463.44 million bushels of corn were crushed for ethanol production in the U.S. in August — a 1.2 per cent increase from July but down 3.4 per cent on the year.
WHEAT futures were mixed, with small gains in MIAX spring wheat and losses in the winter wheats as the spreads saw some adjustment.
Large global wheat supplies and declines in Russian prices accounted for some selling pressure in the U.S. futures.
Just under half a million tonnes of U.S. wheat were inspected for export during the week ended Nov. 20, which was up by nearly 30 per cent from the same week a year ago and up by 92 per cent from the previous week.
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