By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, April 18 (CNS Canada) – ICE Futures Canada canola ended mixed on Tuesday.
Front contracts continued to advance on Tuesday, underpinned by trader-concern about supplies of the commodity in the near-term.
There is still canola left in fields from last year, which added to the upside.
Deferred contracts reversed lower near the close, in positioning ahead of Statistics Canada data due out later this week.
Investors expect a large amount of canola to be seeded this year, which is bearish.
Around 28,621 canola contracts were traded on Tuesday, which compares with Monday when around 16,933 contracts changed hands.
Spreading accounted for about 19,758 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade finished four to seven cents per bushel weaker on Tuesday, weighed down by poor export inspection numbers and spec selling.
The slow pace of corn planting has created some ideas that soybeans could be swapped in for them instead in certain areas.
The US soybean crush for the month of March came in significantly below analysts’ estimates.
SOYOIL futures finished 64 to 66 points lower on Tuesday.
SOYMEAL futures were weaker tracking soybeans.
CORN futures in Chicago were down by two to five cents per bushel on Tuesday due to commercial selling.
US planting is roughly six per cent complete, which is behind the five-year average of nine percent for this time of year.
However, the most-active May contract received technical support at the US$3.60 per bushel level.
A report from the Chinese government indicates the country will plant four percent less corn this year, which was bullish.
WHEAT futures in Chicago ended one to two cents per bushel stronger, taking strength from losses in the US dollar and technical buying.
US weekly export inspections were slightly higher than last week, which was supportive.
However, rallies continue to have trouble gaining momentum given the large amount of wheat in the world, an analyst said.