By Jade Markus and Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, May 15 (CNS Canada) – ICE Futures Canada canola closed mixed on Monday.
The front July contract declined with favourable weather in Western Canada in the near-term, which will help producers with seeding progress.
The Canadian dollar advanced against its US counterpart, which added to the downside in front contracts.
Deferred contracts edged up slightly, underpinned by gains in the Chicago Board of Trade soy oil market, and overnight advances in Malaysian palm oil.
The expectation for slow farmer selling further underpinned those contracts.
Around 9,782 canola contracts were traded on Monday, which compares with Friday when around 9,830 contracts changed hands.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade were up by one to three cents per bushel on Monday, as speculative short-covering provided support to start the week.
However, the gains were tempered by the relatively favourable US seeding weather over the weekend, as producers are now thought to have about a quarter of the soybean crop in the ground.
Rising US soybean acreage estimates and disappointing weekly export inspections also served to limit the advances.
Weekly US soybean export inspections of 281,000 tonnes were at the low end of trade estimates and compare with the already low 350,000 tonnes seen the previous week.
SOYOIL futures were higher on Monday.
SOYMEAL futures were steady to lower on Monday, with spreading against soyoil behind some of the activity.
CORN futures in Chicago were down by one to four cents per bushel on Monday, as favourable Midwestern seeding weather weighed on prices.
With warm and dry conditions in most key corn growing regions over the weekend, US farmers are now estimated to be about two-thirds finished spring seeding. That’s only slightly behind average for this time of year.
Weekly US corn export inspections of 1.4 million tonnes were roughly double what was reported the previous week, which provided some underlying support for the futures.
WHEAT futures in Chicago were down by five to nine cents per bushel on Monday.
Relatively favourable weather conditions across the US wheat belt accounted for some of the weakness, as speculators added to their growing short positions. The good weekend weather also allowed farmers in the northern states to make progress seeding spring wheat.
Ample world supplies added to the softer tone, according to participants.
The USDA reported weekly US wheat export inspections of 691,000 tonnes, which were up slightly from the previous week.