Canola market takes back Monday’s gains

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 16 (CNS) – The ICE Futures canola platform
were weaker at market close, taking back all of yesterday’s gains.
Chicago Board of Trade soybeans, oil and meal contracts
were all down too, following yesterday’s very strong rally. The
rally was fueled by reports that United States President Donald
Trump may meet with Chinese President Xi Jinping next month at
the G20 summit in Argentina.
The Canadian dollar was stronger again today at market

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ICE canola mixed at midday Friday

Glacier FarmMedia —The ICE Futures canola market was narrowly mixed at midday Friday, consolidating near unchanged to end the week….

close, which pressured canola. Canola also is still thought to
be over-priced compared to soybeans.
Farmers have been able to make their way back into the
fields in parts of Alberta and Saskatchewan. Dry and warmer
weather is forecasted for the rest of the week and it is
expected some harvest progress will be made.
Producers have also been making deferred deliveries which
weighed on the market.
About 29,335 canola contracts traded, which compares with
Monday when 40,125 contracts changed hands. Spreading accounted
for 20,534 of the contracts traded.
According to the United States Department of Agriculture
(USDA) the U.S. soybean harvest is well behind average at 38 per
cent done due to weather delays in the U.S. Midwest. However,
the tides should shift this week as drier weather is moving into
the area and will allow farmers to get back into the fields.
The soybean harvest in Brazil is expected to be early this
year as their current planting pace is at a record.
CBOT corn prices finished the day lower.
The U.S. corn harvest is ahead of the 5-year average at 39
per cent complete despite the wet weather, according to the
USDA. Progress was slowed down though during the week, with only
a five per cent increase.
Wheat futures in the U.S. finished the day mixed.
Despite the rains last week winter wheat seeding is 65 per
cent complete in the U.S., according to the USDA. But this is
still two per cent behind the five-year average. However, 44 per
cent of the crop has emerged, which is three per cent ahead of
average.