WINNIPEG, Dec. 15 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts closed stronger on Tuesday, spurred higher by comparable vegetable oils. The nearby January contract closed at over C$600 per tonne, its highest level since 2013.
Chicago soyoil was stronger following reports of prolonged dryness in key growing regions of South America. Nearby soyoil contracts were up by about half of a cent on the day.
Gains in the Canadian dollar prevented further losses for canola prices. The loonie was around 78.2 U.S cents.
Today, 30,363 contracts were traded, which compares with Monday when 42,974 contracts changed hands. Spreading accounted for 20,004 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Tuesday, as market participants continue to keep an eye on South American weather. These forecasts are the driving force behind vegetable oil markets, as buying interest from China has slowed down considerably.
The National Oilseed Processors Association (NOPA) will release their monthly crush report later today. November crush volumes are expected to be around 180 million bushels, compared to 185.2 million bushels crushed in October. During November 2019, about 165 million bushels of soybeans were crushed.
Argentina’s grain inspectors and shipping workers continue to strike, demanding danger pay due to the COVID-19 pandemic.
CORN settled with small gains on Tuesday after posting losses for most of the session, as the market consolidated within a narrow range.
Market participants are anticipating smaller-than-expected crop exports out of Ukraine this year.
Ukraine’s economy minister expects the crop to come in at around 901.6 million bushels, which is lower than the previous year’s 1.2 billion bushels.
The Ukrainian Grain Traders Union has forecasted domestic exports to fall as much as 248 million bushels to total 944.9 million bushels for the new marketing year after a lacklustre growing season.
WHEAT futures were also stronger today.
Yesterday, wheat export inspections totalled 261,000 tonnes, compared to last week’s 530,000 tonnes.
Weather continues to be a concern both for Russia & the United States Plains, as key growing regions are forecast to be dry long-term.
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