Winnipeg Commodity Exchange canola futures ended lower on Wednesday on light speculative selling and hedges amid weaker Chicago Board of Trade soya futures, traders said. Canola ended 90 cents to $2.50 per tonne lower, with July down $2 at $370.60 and November down $2 at $391.80.
Funds were light sellers, traders said, along with other speculative selling in step with CBoT losses. Light farmer selling also weighed on the market. Routine exporter buying pared some losses, and some traders said crushers were buyers as the Canadian dollar weakened slightly, supporting crush margins.
July soyabeans settled 3-1/2 US cents per bushel lower at US $8.03-1/2 and July soyabean oil was down 0.02 US cent per lb at 34.96 US cents. The Alberta crop report said canola was rated 79 percent good to excellent, although the crop is one to two weeks behind normal development because of late planting.
"Rain makes grain," a trader said. "We've got lots of canola." An estimated 2,427 July/November spreads traded from $21.10 to $21.70 and 231 November/January from $8.40 to $8.80. Canola volume was an estimated 10,015 contracts, up from a total of 7,745 on Tuesday.
Barley futures were pressured by weak CBoT corn and by commercial and commission house long liquidation and profit taking as end users stepped back from the market, a trader said. July barley was down $1.50 per tonne at $198 and October ended $4.40 per tonne lower at $166.10.
Barley volume was an estimated 436 contracts, up from 340 on Tuesday. Feed wheat futures were also lower on long liquidation with July down $3.40 per tonne at $168 and December down 20 cents at $173.30. An estimated 105 July/December spread traded from $4.80 to $5. Volume was estimated at 266 contracts, down from 493 on Tuesday.
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