WINNIPEG, Nov. 27 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts closed stronger on Friday, regaining the losses incurred earlier in the week.
Chicago soyoil moved higher after markets reopened from the United States Thanksgiving holiday. Nearby soyoil contracts were up by about half of a cent on the day.
Strength in the Canadian dollar kept a lid on canola prices. The loonie was around 77 U.S cents, hitting highs for the year.
On Thursday, 30,744 contracts were traded, which compares with Thursday when 4,730 contracts changed hands. Spreading accounted for 25,474 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Friday, following the United States Thanksgiving holiday.
According to the most recent export report from the United States Department of Agriculture (USDA), soybean exports were around 768,000 tonnes, which was on the lower end of estimates. Soymeal exports were 138,000 tonnes, and soyoil exports were just under 30,000 tonnes.
The Buenos Aires Grain Exchange estimated Argentina’s soybean planting progress increased by over 10 per cent last week to total 39.3 per cent complete, benefiting from rains in the central region.
Agroconsult estimated Brazil’s soybean crop at 133.2 million tonnes, which is slightly lower than the USDA’s prediction of 133 million tonnes.
CORN futures were also lower today, after hitting 16-month highs earlier in the week.
Corn exports were 1.6 million tonnes, which was higher than market expectations.
Agroconsult estimated Brazil’s corn crop at 108.8 million tonnes, while the USDA estimate is at 110 million tonnes.
The International Grain Council (IGC) reduced its world corn production estimate by 10 million tonnes to 1.146 billion tonnes. They also doubled their estimate of China’s imports to 16mmt.
WHEAT futures were also stronger today.
Last week, wheat exports totalled 795,800 tonnes, which was well above trade estimates.