By Jade Markus and Dave Sims, Commodity News Service Canada
ICE Futures Canada canola ended stronger on Monday, following advances in the Chicago Board of Trade soybean market.
CBOT soybeans gained, underpinned by Friday’s United States Department of Agriculture quarterly stocks report, which reflected inventories of the oilseed below analyst expectations.
Domestic crush activity is strong, market watchers say, which added to the advances.
However, harvest activity limited gains on Monday.
About 18,272 canola contracts traded on Monday, which compares with Friday when 18,818 contracts changed hands. Spreading accounted for about 8,616 of the contracts traded.
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Durum and barley futures were untraded and unchanged, while milling wheat was revised lower after the close.
Settlement prices are in Canadian dollars per metric tonne.
Corn futures climbed eight to nine cents per bushel higher to start the week as rain in the US Midwest continued to slow the harvest. Analysts say this week’s crop progress report will likely show just 20 percent of the crop has been taken off, compared with the average pace of 32 percent.
As well, asset managers were looking for places to invest as today marked the start of a new fiscal quarter, according to a report.
The latest hog report in the US showed there were a larger-than-expected number of hogs in the US herd, which pushed prices higher on the expectations of future demand, an analyst said.
SOYBEAN futures strengthened 17 to 19 cents per bushel due to harvest delays in the Midwest. Conditions in the north-central plains are said to be extremely soggy.
This week’s crop report is expected to show that just a quarter of the crop has been taken off, which was behind the average for this time of year.
However, private export sales will be taking a breather this week, which was bearish. China is celebrating Golden Week this week.
Soyoil finished 10 to 20 points lower, with spreading against soymeal a feature.
SOYMEAL futures advanced in tandem with soybeans. Demand from the livestock sector was a major reason behind the increase.
Wheat futures on the Chicago Board of Trade finished six to seven cents per bushel lower on Monday due to chart-based trading.
The front-month December contract dipped below major support at US$4.00 per bushel.
There are some ideas high-protein wheat could be scarcer than usual this year, due to wet weather in North America and Australia.
– Analysts expect tomorrow’s USDA report to show that the US winter wheat crop has been nearly half-planted.
– Ukraine’s grain export volumes for the 2016-17 season could be over 40 million tonnes, according to a report.
