By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, March 10 (CNS Canada) – ICE Futures Canada canola closed weaker on Friday, following US oilseeds lower.
Chicago Board of Trade soybeans and soy oil dropped ahead of the weekend with fund-selling and bearish data.
The United States Department of Agriculture raised soybean ending stocks in a report on Thursday, as competing Brazilian supplies cut into export demand, which pressured that market, and in turn canola.
Losses in the Malaysian palm oil market further weighed on values.
The Canadian dollar advanced against its US counterpart on Friday, which added to the downside.
About 12,000 canola contracts traded on Friday, which compares with Thursday when 12,539 contracts changed hands.
Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
CORN futures in Chicago dipped one to two cents per bushel on Friday in follow-through selling. The market was still feeling the effects of yesterday’s USDA report, which raised its forecast for Argentine corn production and also increased the global ending stocks estimate. World stockpiles are expected to rise to 220.7 million tonnes, up from the previous estimate of 217.6 million.
SOYBEAN futures at the Chicago Board of Trade were under pressure to end the week, falling four to six cents in the wake of yesterday’s bearish USDA report. The agency raised Brazilian soybean production numbers along with US ending stocks.The May contract is showing suggestions it may test the psychologically-important ten dollars a bushel mark, an analyst said. Weather conditions are favourable for harvesting in much of Brazil, according to a report.
SOYOIL futures dropped 43 to 45 points on Friday. The May contract was below the 20-day and 100-day moving averages which was bearish.
SOYMEAL futures climbed slightly higher on the day.
WHEAT futures in Chicago dropped three cents per bushel on Friday feeling spillover losses in corn and soybeans. Yesterday’s USDA report raised world wheat stocks which was bearish. However, dry conditions in multiple regions of the US Southern Plains were supportive for prices.