By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts closed lower on Tuesday, backing off of multi-year highs.
One Winnipeg-based trader said chart consolidation was contributing to canola’s weakness, along with profit-taking ahead of the United States Thanksgiving holiday.
Recent data from Statistics Canada showed canola crush activity broke records made in December 2019, with just over 931,000 tonnes of canola crushed in October 2020.
Gains in the Canadian dollar kept pressure on canola prices. The loonie was around 76.8 U.S cents, hitting recent highs.
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On Tuesday, 32,634 contracts were traded, which compares with Monday when 24,278 contracts changed hands. Spreading accounted for 21,358 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were slightly lower on Tuesday, retreating from four-year highs due to consolidation ahead of the Thanksgiving holiday. Market activity is expected to be subdued ahead of the Thanksgiving holiday later this week.
Just over 2 million tonnes of soybeans were inspected for export last week according, to yesterday’s weekly report from the United States Department of Agriculture (USDA). That was 457,000 tonnes lower than the previous week.
CORN futures were also lower today, after hitting 16-month highs yesterday.
Yesterday, the USDA announced an export sale of 334,000 tonnes of corn, purchased by unknown destinations.
According to the weekly inspection report last week, 832,000 tonnes of corn was inspected for export, which is slightly below the previous week’s 840,000 tonnes.
Turkey has issued a tender for 350,000 tonnes of corn, for December or January shipment.
WHEAT futures were higher on Tuesday.
In yesterday’s crop progress report from the USDA, winter wheat was rated as 43 per cent good to excellent.
That’s a decline of three percentage points on the week, and the lowest rating for this week since 2021.
Colorado declined the most, with just 17 per cent rated good to excellent. 43 per cent is rated as poor or very poor.
Wheat inspections were 358,000 tonnes in yesterday’s report, up by almost 24,000 tonnes from the previous
week.
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