By Marlo Glass, MarketFarm
WINNIPEG, June 4 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Thursday, carrying on strength from earlier in the week.
A slight dip in the Canadian dollar was supportive of canola values. The loonie was under 74 United States cents at midday for the first time in two days.
Seeding activity in Saskatchewan is 96 per cent complete, and producers in Manitoba are about 88 per cent done planting this year’s crops. Rain is forecast for most of the Prairies this weekend, which will help with germinating new crops.
On Thursday, 12,737 contracts were traded, which compares with Wednesday when 13,701 contracts changed hands. Spreading accounted for 9,744 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Thursday, boosted by strong export demand.
This morning, the United States Department of Agriculture (USDA) announced a sale of 120,000 tonnes of soybeans, purchased by unknown destinations. Of that sale, 60,000 tonnes are for delivery during the current marketing year.
Last week, soybean export sales totalled just over 495,000 tonnes, which was 23 per cent lower than the previous week and 36 per cent lower than the prior 4-week average.
Soybean cake and meal sales totalled just under 559,000 tonnes, which was significantly higher than weeks prior.
Soyoil sales totalled 9,500 tonnes.
Brazil’s currency has increased, making the U.S. the cheaper option for soybeans.
CORN futures were stronger on Thursday due to positive export data and increasing demand for ethanol.
Last week, corn exports totalled over 637,000 tonnes, which was up by almost 50 per cent from the previous week.
According to data from the Energy Information Administration (EIA), ethanol production totalled 765,000 barrels per day last week. Ethanol stocks dropped by 700,000 barrels to total just over 22 million barrels.
WHEAT futures were higher on Friday.
Hot temperatures across the southern U.S. Plains is stressing crops, as the winter wheat harvest slowly moves north.
Last week, wheat export sales totalled just over 179,000 tonnes, which was 14 per cent lower than the prior 4-week average.
Accumulated wheat exports sit at 93 per cent of USDA’s forecast for the marketing year.