By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 5 (CNS) – The ICE Futures canola platform
closed higher, with the November canola contract cracking the
$500 per tonne mark for the second time this week.
Chicago Board of Trade (CBOT) soybeans and meal contracts
were stronger, while soyoil contracts were weaker.
Slow harvest progress was supportive for the market.
Today’s crop report from Alberta placed the canola harvest at
just over 20 per cent combined, which is four per cent higher
than last week but still well behind normal.
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Canola futures on the Intercontinental Exchange suffered double-digit losses on Thursday after the release of new data from Statistics Canada….
for the weekend, but more wet and snowy weather is expected for
early next week.
The Canadian dollar was slightly weaker, which was
supportive for canola.
The canola market will be closed Monday for Canadian
Thanksgiving, while the rest of the commodity markets will be
open.
About 21,434 canola contracts traded, which compares with
Thursday when 23,523 contracts changed hands. Spreading
accounted for 10,800 of the contracts traded.
In the U.S. China has cancelled a purchase of 4.6 million
bushels of soybeans, which were previously on the books. However,
Chinese buyers have purchased, but not yet shipped another 44
million bushels.
Brazilian consultancy agency, Safras & Mercado, is
estimating Brazil’s soybean exports to be at 79 million tonnes
for the 2019/20 marketing year.
CBOT corn prices finished the day higher.
The long range forecast for the United States Midwest has
storms bringing heavy precipitation for the next few weeks,
which will continue to slow down the corn harvest.
A private analytics firm estimated on Thursday that U.S.
corn production this year will be at 14.89 billion bushels with
an average yield of 182.1 bushels per acre. This is larger than
the U.S. Department of Agriculture’s last estimate.
Wheat futures in the U.S. closed higher.
According to a tweet from World Weather Inc. some winter
wheat acres in the central U.S. Plains may need to be reseeded
after this weekend due to an excessive rain event.
Iraq has purchased 50,000 tonnes of Canadian wheat in a
privately negotiated deal. No further details have been
released.
FranceAgriMer has estimated that French farmers have
planted five per cent of their expected soft wheat area for next
year, which is less than the six per cent seeded last year.
