By Jade Markus and Erin DeBooy, Commodity News Service Canada
Winnipeg, September 8 (CNS Canada) – ICE Futures Canada canola ended higher on Thursday, underpinned by advances in the Chicago Board of Trade soy complex.
US soy oil, soymeal, and soybeans closed stronger with the expectation for strong demand, which provided spillover support to canola.
Losses in the Canadian dollar against its US counterpart were also bullish for canola, as it makes the commodity more appealing to international buyers.
However, harvest pressure and larger-than-expected canola stocks limited advances.
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About 17,324 canola contracts traded on Thursday, which compares with Wednesday when 20,677 contracts changed hands. Spreading accounted for about 7,726 of the contracts traded.
Milling wheat and durum were revised higher after the close, while barley was untraded and unchanged.
CORN futures at the Chicago Board of Trade rose for the fifth consecutive session on Thursday, climbing more than five US cents per bushel.
Disappointing yield reports from the early US harvest supported prices.
The USDA projected last month that producers could see record yieldsthis year, however weaker-than-expected yield reports are sparking speculation the USDA will lower its production forecast in September’s report, due out Monday.
SOYBEAN futures strengthened slightly on Thursday, rising just over one US cent per bushel after trading lower throughout the day.
Wet weather across the Midwest could hamper harvest efforts, which was bullish.
Strong demand also continues to support the market, despite the forecast for record yields.
SOYOIL strengthened on Thursday.
SOYMEAL posted gains on Thursday.
WHEAT futures strengthened on Thursday, rising three to five US cents per bushel to settle at or just below daily highs.
The outlook for US wheat demand is improving slightly as crop size estimates in Europe and Russia inch lower, supporting US prices.
The front month December contract temporarily dipped below major
support before recovering before the close.
– Winter wheat planting has begun in the Midwest and is one per cent
completed, equal to both last year and the five-year average.
– Russia anticipates largest wheat harvest on record at 72 million tonnes,
according to the USDA Foreign Agricultural Service.
