By Marlo Glass, MarketFarm
WINNIPEG, June 1 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker on Monday, due to considerable strength in the Canadian dollar.
The Canadian dollar was stronger by nearly a penny at midday, due to comparable weakness in the United States dollar. The loonie was around 73.6 cents.
On Wednesday, Tiff Macklem will take over from Stephen Poloz as Governor of the Bank of Canada. The Bank of Canada will also announce their interest rate on Wednesday, but the central bank is expected to keep them at a record-low 0.25 per cent.
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Planting activity across the Prairies was slowed down somewhat by pockets of moderate to heavy rain over the weekend.
On Friday, 15,544 contracts were traded, which compares with Friday when 14,806 contracts changed hands. Spreading accounted for 7,750 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Monday, due to increased trade tensions between the United States and China.
This morning, China told state agriculture firms to cease purchases of U.S. pork, cotton, corn, and soybean products.
This came after the Trump administration said it would eliminate special trade conditions for Hong Kong.
Weekly export inspection data from the United States Department of Agriculture (USDA) showed 14.6 million bushels of soybeans were shipped last week, which was 18 per cent higher when compared to the same week last year.
Accumulated soybean shipments totalled 1.3 billion bushels as of last week, which was in line with last year’s rate.
Soybean planting progress in the U.S. is expected to be around 77 per cent complete. The USDA will issue its weekly crop progress report later this afternoon.
CORN futures were weaker today, due to residual negativity from the soy market.
Last week, corn exports total 477 million bushels. That’s a three per cent increase from last week, and brought monthly year to date exports to just over 1 billion bushels.
Corn planting in the U.S. is expected to be about 95 per cent complete, which is ahead of the average pace. Temperatures are expected to be higher than average in the Corn Belt this week, which will help with crop emergence.
WHEAT futures were lower on Monday.
Last week’s wheat exports totalled just under 500,000 tonnes, which brings monthly year-to-date exports to just under 25 million tonnes.
Planting progress in the U.S. is expected to be around 90 per cent complete, which is about seven per cent lower than average.
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