By Ashley Robinson, Commodity News Service Canada
Winnipeg, Dec. 13 (CNS Canada) – The ICE Futures canola contacts finished the day weaker, dragged down by a drop in the soy complex.
Chicago Board of Trade soybean, oil and meal contracts were all weaker. The United States Department of Agriculture confirmed this morning China did buy U.S. beans yesterday. However, it wasn’t as much as traders were hoping. China bought 1.13 million tonnes of soybeans.
There is uncertainty in the market as traders wait to see if China buys more. There is the possibility China could make large purchases of U.S. soybeans this year, however Brazil is still expecting a large crop which could limit purchases.
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About 20,300 canola contracts traded, which compares with Wednesday when 31,061 contracts changed hands. Spreading accounted for 16,834 of the contracts traded.
In the U.S., soybean export sales last week were at 795,300 tonnes which beat estimates, soymeal was at 50,500 tonnes, which also was above estimates and soyoil was at 5,900 tonnes, which was on the low range of estimates.
CBOT corn prices finished the day mostly weaker. Corn contracts have been trading in a narrow range on both sides of unchanged the past few days.
U.S. ethanol production for the week was at 1.046 million barrels per day, which is down 23,000 barrels per day from previous week and well below this time last year.
USDA weekly corn exports were at 1.064 million tonnes, which was on the lower end of estimates.
Strategie Grains is estimating the European Union’s 2019 corn crop to be four per cent higher than this year’s 62.9 million tonnes.
Wheat futures in the U.S. finished the day stronger, finding support from rallying international markets.
Wheat prices in Australia are rallying as rains falling throughout most of the country’s growing regions aren’t good for the mature wheat crop. There are reports of low protein.
U.S. weekly wheat exports were at 754,100 tonnes, which was in-line with estimates.
The U.S. was left out of an Egyptian wheat tender of 180,000 tonnes yesterday, Russia and Romania were picked instead.
