By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 16 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts closed stronger on Wednesday, maintaining multi-year highs over C$600 per tonne. Chart resistance is expected to be reached around C$620 per tonne.
Losses in Chicago soyoil limited further gains for canola. Nearby soyoil contracts were down by about a tenth of a cent on the day.
Continual strength in the Canadian dollar also kept a lid on canola prices. The loonie was around 78.5 U.S cents.
Today, 29,522 contracts were traded, which compares with Tuesday when 30,363 contracts changed hands. Spreading accounted for 22,624 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) closed slightly lower on Wednesday, pulling back after hitting contract highs.
The National Oilseed Processors Association (NOPA) released their monthly crush report yesterday. 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 futures were slightly stronger today.
While there is rain in the forecast for Argentina, some analysts fear it is coming too late to benefit corn crops.
Brazilian corn export forecasts for December are expected to more be significantly higher than previous expectations. ANEC Brazil’s grain exporting association, expects Brazilian corn exports to total 175.5 million bushels in December 2020. The previous export high was set in December 2018, totalling 111 million bushels.
WHEAT futures were also stronger today.
International markets remain concerned about tighter exportable supplies in the Black Sea region, due in large part to export taxes applied to Russian wheat shipments.
