By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 19 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Monday, as support from the spreads outweighed pressure from lower edible oils and gains in the Canadian dollar.
Traders continued to roll out of the November contract ahead of its expiry.
Chicago soyoil dropped more than four-tenths of a United States cent. European rapeseed and Malaysian palm oil were lower as well.
At mid-afternoon, the loonie was slightly higher at 75.92 U.S. cents, compared to Friday’s close of 75.80.
Read Also
ICE canola on both sides of unchanged
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were mixed and showed little movement despite support from…
With the Prairie canola harvest nearly at an end there is little, if any, harvest pressure. As the Statistics Canada surveys on principal field crops are taken at the end of October, the markets will now have to wait until December to get a look at yields.
There were 43,754 contracts traded on Monday, which compares with Friday when 42,306 contracts changed hands. Spreading accounted for 38,968 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 533.10 up 6.10
Jan 536.20 up 2.30
Mar 541.30 up 1.10
May 542.40 up 0.60
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Monday, due to strong export shipments.
In the United States Department of Agriculture (USDA) weekly export inspections report said 2.17 million tonnes of soybeans were shipped as of Oct. 15, which was 63 per cent above shipments this time last year. China accounted for 80 per cent of the current report’s shipments. China’s economy has been on the upswing despite a strong uptick in COVID-19 cases.
The USDA releases its weekly crop progress report this afternoon. The markets predict the soybean harvest should be approximately 75 per cent complete. Soybean conditions are expected to change very little, if at all. Last week, they were 63 per cent good to excellent.
Soybean planting in the Brazil region of Mato Grasso was at eight per cent complete, a quarter of where progress normally should be. Dry conditions in most of Brazil’s growing regions, as well in parts of Argentina, has hampered seeding operations.
CORN futures were higher on Monday, with two private sales and good export shipments
The USDA announced two private sales of corn, one for 345,000 tonnes to unknown destinations and the other for 123,000 tonnes to Mexico. Delivery is for the current marketing year.
Export inspections tallied 911,140 tonnes and were 330,215 tonnes ahead of 2019. China accounted for 40 per cent of the current report’s shipments.
The U.S. corn harvest is expected to be just over half finished. Corn conditions are forecast be close to last week’s 61 per cent good to excellent.
WHEAT futures were higher on Monday, due to dry conditions.
In the overnight trade, wheat prices reached six-year highs. Dry conditions in the U.S., Russia and Ukraine were providing support.
The planting of U.S. winter wheat was projected to be around 80 per cent complete.
Wheat export inspections tallied 239,688 tonnes, about six per cent more than this time in 2019. Ethiopia and Bangladesh were the top destinations.
Ukraine reported its 2020 wheat crop was 25.1 million tonnes and down 11.3 per cent from 2019.
