North American Grain/Oilseed Review: Canola up, but beans down

By Phil Franz-Warkentin, Commodity News Service

Winnipeg, Sept. 9 – ICE Futures Canada canola contracts were stronger on Wednesday, as the market continued to correct off of the nearby lows hit last week.
Speculators were noted buyers, with spreading against the declining US soy market said to be a feature. Solid commercial demand was also supportive, although end users were not that aggressive on the buy side.
Reports of frost in parts of Western Canada overnight added to the firmer tone. However, the temperatures likely weren’t low enough to cause widespread damage.

North American Grain/Oilseed Review: Canola, soybeans in the red

Glacier FarmMedia — Canola futures on the Intercontinental Exchange were lower on Thursday, erasing most of Wednesday’s gains and regaining…

Mounting harvest pressure, large old crop stocks, losses in CBOT soyoil, and long range chart signals that are still pointed down all served to limit the advances.
About 15,861 canola contracts were traded on Wednesday, which compares with Tuesday when 19,792 contracts changed hands.
Milling wheat, durum, and barley were all untraded.

SOYBEAN futures at the Chicago Board of Trade were two to eight cents per bushel lower on Wednesday, as traders squared positions ahead of Friday’s monthly USDA report.
Relatively favourable crop conditions across the Midwest accounted for some of the selling pressure in soybeans, with the good to excellent ratings holding steady at 63% in the latest weekly report.

Uncertainty over Chinese demand was also overhanging the market.
Positioning ahead of the USDA’s monthly supply/demand report on Friday was another feature, with average trade guesses calling for a slight downward revision to the US production number.

SOYOIL settled lower on Wednesday.

SOYMEAL futures were narrowly mixed on Wednesday, with spreading against soyoil providing some support.

CORN futures in Chicago were steady to up two cents per bushel on Wednesday.
Weekly US corn ratings were left unchanged at 68% good to excellent, but ideas that yields may not be living up to earlier expectations were enough to support prices today.
Speculative short covering ahead of Friday’s report was also supportive.
The losses in wheat did limit the upside in corn to some extent.

WHEAT futures in Chicago were down by one to three cents per bushel on Wednesday.
US wheat still remains overpriced in the global market keeping the bias to the downside as the US continues to miss out on export opportunities.
The US spring wheat harvest was 94% complete as of this past Sunday, according to the weekly USDA report, while winter wheat seeding for next year is just getting started at 3% done.
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