By Marlo Glass, MarketFarm
WINNIPEG, Aug. 17 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts started the week on a higher note, boosted by expectations of lower canola yields in some regions in Alberta due to wet growing conditions.
Strength in comparable vegetable oils also supported canola prices. Malaysian palm oil gained strength from reports of lowered stocks at the end of July while Chicago soyoil was higher based on expectations of continued export demand from China.
Strength in the Canadian dollar limited the upside for canola. The dollar was around 74.5 United States cents at midday.
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On Monday, 22,078 contracts were traded, which compares with Friday when 20,501 contracts changed hands. Spreading accounted for 13,570 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Monday, due to expectations that China will continue purchasing soybeans from the United States.
The United States Department of Agriculture (USDA) reported almost 29 million bushels of soybeans were exported last week. China accounted for about 44 per cent of those shipments.
Marketing year-to-date soybean shipments total just over 1.5 billion bushels, which is about 27 per cent behind last year’s pace.
CORN futures were also stronger on Monday due to spillover support from soybeans.
The USDA will release their crop progress report this afternon.
The USDA has reported 40.8 million bushels of corn were shipped last week. Year-to-date corn exports are about 13 per cent behind last year’s pace, totalling 1.6 billion bushels.
Colombia, Guatemala, Japan, and Mexico each purchased more than 100,000 tonnes of corn last week.
WHEAT futures were stronger today.
This morning, the USDA announced an export sale of 130,000 tonnes of wheat, purchased by unknown destinations.
Last week, about 462,000 tonnes of wheat was shipped, which was slightly lower than the week prior.
Japan was the largest destination, accounting for about 30 per cent of the week’s purchases.
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