By Glen Hallick, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker on Monday, due to declines in the Chicago soy complex.
There were also losses in European rapeseed, but small gains for Malaysian palm oil.
Rain over much of the Prairies on the weekend helped to alleviate dry conditions in several areas. Southern Manitoba is receiving rain this afternoon.
After gains earlier in the day, the Canadian dollar was unchanged at 73.56 U.S. cents, by mid-afternoon.
There were 16,356 contracts traded on Monday, which compares with Friday when 23,637 contracts changed hands. Spreading accounted for 9,474 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Nov 477.40 dn 2.10
Jan 484.80 dn 1.50
Mar 490.20 dn 1.30
May 493.50 dn 1.30
SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Monday due to bearish technical and favourable weather conditions.
Rain fell over much the United States Midwest giving crops a well-deserved boost in their development, but driving down prices. The forecast for the Midwest over the upcoming two weeks has called for average rainfall with slightly above normal temperatures.
In the export inspections report from the United States Department of Agriculture (USDA) soybean shipments are 483,331 tonnes for the week ended July 9. That’s down about 43.5 per cent from the same week this time last year.
The USDA is scheduled to issue its weekly crop progress report at 3 pm Central today. There are mixed expectations are for condition ratings of soybeans, corn and wheat, with their respective ratings to shift by one to two points either way.
In the tit-for-tat trade spat between the U.S. and China, the latter leveled sanctions today against a number of top U.S. Republican politicians. This follows similar machinations the Trump administration took last week against leading members of the Chinese Communist Party.
CORN futures were lower on Monday because of favourable weather.
The USDA reported corn export inspections of 902,623 tonnes, which was about 25 per cent more than the same week in 2019.
The second corn crop in Brazil was reported to be nearly 35 per cent complete. That compares to 49 per cent finished this time last year.
WHEAT futures were down on Monday, due to spillover from corn and beans.
Wheat export inspections amounted to 624,211 tonnes, for an increase of about 44 per cent compared to the same week last year.
The harvest of U.S. winter wheat is projected to be approximately two-thirds complete.
IKAR kept its estimate of Russia’s wheat crop at 76.5 million tonnes.