WINNIPEG – The ICE Futures canola market was stronger on Wednesday, as ongoing Prairie weather concerns provided support.
Environment Canada has issued heat warnings across nearly all of Western Canada, with little moisture in the forecasts to alleviate the high temperatures.
Gains in Chicago Board of Trade soyoil futures were also supportive for canola, with world vegetable oil markets underpinned by solid demand, tight supplies and strength in crude oil.
About 17,304 canola contracts traded on Wednesday, which compares with Tuesday when 19,796 contracts changed hands. Spreading accounted for 6,776 of the contracts traded.
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SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, seeing a continuation of Tuesday’s rally.
Concerns over tightening global vegetable oil supplies accounted for much of the strength in beans, with soyoil leading the soy complex to the upside.
The monthly United States soybean crush for April came in at 169.9 million bushels, according to the latest National Oilseed Processors Association data. That was below average trade estimates and well off the 188.2 million bushels crushed the previous month.
The U.S. soybean crop was 84 per cent seeded as of this past Sunday, according to the U.S. Department of Agriculture. That was ahead of average for this time of year, with emergence at 20 per cent.
CORN was weaker, seeing a correction after recent gains.
The U.S. corn crop was rated 76 per cent good to excellent in the first rating of the year, marking the best initial rating of the past decade.
The crop is 95 per cent seeded, with emergence at 81 per cent. Both were well ahead of average.
Persistent hot and dry weather in Brazil remained supportive, with hot Midwestern weather also likely to cut into U.S. crop ratings in upcoming reports.
WHEAT futures were mixed, with gains in spring wheat and losses in the winter wheats.
U.S. spring wheat condition ratings dropped two points on the week, to 43 per cent good to excellent as soil moisture levels in the key northern growing regions remain on the dry side
U.S. winter wheat was pegged at 48 per cent good to excellent, which was up one point on the week.
