By Glen Hallick, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher on Monday, with traders rolling out of the July contract likely the reason.
A Winnipeg-based trader noted that it’s common for there to be big swings in the spreads during June. He also said that prices will put more emphasis on the drier areas of the Prairies over the regions with wet conditions – namely northern Alberta, northwest Saskatchewan and southeast Manitoba.
Chicago soyoil finished higher today, providing support. European rapeseed was lower and Malaysian palm oil was steady to lower.
Read Also
North American Grain and Oilseed Review: Canola clings to small upticks
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
The Canadian dollar, after being well under Friday’s close 73.55 U.S. cents this morning, was pushing higher to 73.74 by mid-afternoon.
There were 37,766 contracts traded on Monday, which compares with Friday when 24,838 contracts changed hands. Spreading accounted for 22,444 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Jul 471.20 up 1.80
Nov 473.70 up 0.70
Jan 479.60 up 0.40
Mar 485.50 up 0.50
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Monday as the COVID-19 pandemic remains a factor in the markets.
Concerns over the pandemic resurging generated declines. In the United States alone, 20 states reported spikes in the number of reported cases.
U.S. Secretary of State Mike Pompeo was said to be meeting with Chinese officials in Hawaii. However, no plans about the meeting have yet to be made public.
The U.S. Department of Agriculture (USDA) reported a private sale of 390,000 tonnes of soybeans to China. Delivery is scheduled for the 2020/21 marketing year.
The USDA released its crop progress report for the week ended June 14, and soybeans planted reached 96 per cent complete, while soybeans emerged were at 81 per cent. The condition rated 72 per cent good to excellent, the same as the previous week.
In the USDA’s export inspections report, more than 376,300 tonnes of soybeans were shipped for the week ended June 11. That was up 37 per cent from the previous week. Accumulated soybean exports reached 1.3 billion bushels.
The National Oilseed Processers Association issued its May report today with almost 169.6 million bushels of soybeans processed, which made for a new May record. Soyoil stocks were nearly 1.9 billion pounds.
CORN futures were slightly lower on Monday as good weather weighed on values.
The U.S. Corn Belt will have warm temperatures for most of this week, with rain forecast for the weekend.
Corn export inspections came to 35.8 million bushels for the week ended June 11, falling almost 10 per cent from the previous week. Accumulated shipments were at 1.2 billion bushels.
The USDA reported corn emerged stood at 93 per cent and the condition rated 71 per cent good to excellent. The latter was a four-point drop from the previous week.
IEG Vantage forecast U.S. corn acres to be 94.1 million, putting it 2.9 million acres under the USDA’s current estimate. The planted acreage report will be released June 30.
WHEAT futures were mixed on Monday, as Chicago and Minneapolis were higher and Kansas City was lower.
Export inspections came to 444,000 tonnes for the week ended June 11, slightly above the previous week’s total. The new marketing year for wheat began June 1.
The U.S. winter wheat harvest was at 68 per cent complete and the condition rated 50 per cent good to excellent. That was a slip of one point from the previous week.
Spring wheat emerged was 97 per cent and 29 per cent was headed. The condition was 81 per cent good to excellent, easing down one from the previous week.
