By Dave Sims, Commodity News Service Canada
Winnipeg, August 3 (CNS Canada) – The ICE Futures Canada canola market finished weaker on Thursday, weighed down by losses in Malaysian palm oil and US soyoil.
The dominant November contract felt technical resistance at the C$500 per tonne mark.
Milder weather in Canada and the US helped alleviate some of the heat-stress on soybeans and canola, which was bearish.
The technical bias is pointed lower.
However, concerns over damage to crops in southern Saskatchewan and southern Alberta continue to underpin prices.
Farmer selling has been slow while global demand for oilseeds remains steady.
About 9,719 canola contracts traded on Thursday, which compares with Wednesday when 11,007 contracts changed hands. Spreading accounted for 1,328 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
Soybeans finished 14 to 17 cents weaker on the Chicago Board of Trade as cooler temperatures and scattered showers relieved the heat stress on soybeans.
As well, yields are looking better now than a few weeks ago which weighed on the market.
Weekly export sales in the US were lower than expected.
Corn ended roughly one cent lower after traders engaged in chart-based trading for most of the day.
US ethanol production for the week was down slightly, which dragged on prices.
However, dryness in the US Corn Belt continued to underpin values.
Wheat was two to three cents weaker as scattered rains in the US northern plains helped alleviate some of the heat blast on the crop.
Weekly export sales in the US were less than half of what most analysts were expecting.
The front-month September contract seems to be feeling some technical resistance at the US$4.60 mark.