By Marlo Glass, MarketFarm
WINNIPEG, June 29 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at Monday’s close, after trading lower for most of the past week.
Statistics Canada estimated 20.7 million canola acres were planted in 2020, which was on the higher end of trade expectations but lower than the 20.956 million acres planted in 2019.
Weakness in the Canadian dollar also stoked gains for canola prices. The loonie was under 73 United States cents for most of the day.
End-of-month positioning was also supportive of canola vales.
On Monday, 17,210 contracts were traded, which compares with Friday when 5,968 contracts changed hands. Spreading accounted for 7,502 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Friday, after consecutive losses last week.
Last week, 11.9 million bushels of soybeans were shipped, according to the weekly export inspections report from the United States Department of Agriculture (USDA). That was higher than the previous week, but down 55 per cent compared to the same week last year.
Marketing year-to-date soybean shipments total 1.352 billion bushels, which is over 80 per cent of the USDA’s forecast.
CORN futures were stronger on Monday.
Last week’s corn export inspections totalled 48.61 million bushels, which was significantly higher than the same week last year. About 25 per cent of exports were purchased by Japan.
Marketing year to date corn shipments total just over 1.3 billion bushels, which is 74 per cent of the USDA’s total forecast.
There are 10 weeks left in the marketing year for corn and soybeans.
WHEAT futures were mostly higher on Monday.
According to the USDA’s export inspection report, over 515,000 tonnes of wheat were shipped last week. Marketing year-to-date shipments total two million tonnes.
Statistics Canada estimated Canada’s wheat acreage in 2020 to total 25 million acres, which is slightly lower than expected but 400 thousand acres higher than 2019.
The USDA will release their planted acreage report tomorrow. Market participants anticipate an increase in soybean acres and a reduction in corn acres.