By Ashley Robinson, Commodity News Service Canada
Winnipeg, Oct. 30 (CNS Canada) – The ICE Futures canola platform were weaker at market close following soybeans. However, the weaker Canadian dollar limited losses for the market.
Chicago Board of Trade (CBOT) soybean, oil and meal contracts were weaker also.
Seasonal harvest pressure weighed on the market. It is expected farmer deliveries should slow down soon, however there is concern about the quality of the crop that is coming off the fields.
Canola is still relatively overpriced compared to other oilseeds.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly in negative territory in the middle of trading on Wednesday…
About 21,992 canola contracts traded, which compares with Monday when 20,923 contracts changed hands. Spreading accounted for 11,886 of the contracts traded.
Yesterday’s crop progress report from the United States Department (USDA) showed that the U.S. soybean harvest is 72 per cent done, up 19 per cent from last week. However, it is still behind the five-year average. Illinois, Indiana, Kentucky and North Carolina are ahead of their normal pace though.
The USDA has reported a sale of 120,000 tonnes of soybeans to unknown destinations. U.S. soybeans are currently trading at a 25 per cent discount compared to Brazil.
There is more concern about the U.S. China trade war. The U.S. threatened to place more tariffs on China last night if the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping doesn’t go good.
CBOT corn prices finished the day weaker.
The corn harvest in the U.S. is in line with the five-year average. The USDA reported yesterday that it is 63 per cent done yesterday. States in the east were mostly ahead of normal while those in the western Corn Belt were lagging. Harvest progress however could be slowed over the next few days in the eastern Midwest as storms move across the area.
European Union corn imports for the 2018/19 crop year are estimated to be at 5.6 million tonnes, up 14 per cent from year ago levels.
Wheat futures in the U.S. finished the day lower.
Winter wheat seeding in the U.S. increased by just six per cent last week and is now sitting at 78 per cent done, which is behind the five-year average, according to the USDA. Only Indiana and Idaho are slightly ahead of normal. The USDA also said that is emergence at 63 per cent, which is behind the five-year average.
Egypt’s Ministry of Supply announced Monday that the country’s strategic reserves of wheat are enough to cover needs until the beginning of March next year at least.
