By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 15 (CNS) – The ICE Futures canola platform
closed higher, finding spillover support from the rallying soybean
market.
Chicago Board of Trade soybeans, oil and meal contracts
were all stronger. There are reports that two ships filled with
United States soybeans departed for China last week, showing
that buyers may be getting desperate despite the ongoing trade
war between the two countries.
The Canadian dollar was stronger at market close today,
which was limiting gains for canola contracts.
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fields this week following cold, wet and snowy weather over the
last month. Forecasts are calling for warmer weather later this
week.
About 40,125 canola contracts traded, which compares with
Friday when 25,786 contracts changed hands. Spreading accounted
for 22,246 of the contracts traded.
CBOT soybeans contracts finished the day sharply higher.
Soyoil and meal contracts were also stronger.
National Oilseed Processors Association (NOPA) numbers
released this morning showed that in September U.S. soybean
crushers processed a record 160.8 million bushels. This was up
by 18 per cent from last year.
United States Department of Agriculture (USDA) weekly
export inspections were at 42.5 million bushels last week, which
was above estimates.
Harvest activity in the U.S. Midwest is starting to pick up
again following the wet and snowy weather that has hampered the
area lately. It is expected that soybean quality will be
downgraded in the wet areas.
CBOT corn prices finished the day higher.
USDA weekly export inspections were at 39.2 million
bushels, which was below estimates.
Harvest activity picked up in the eastern Corn Belt in
Indiana and Ohio over the weekend. However, cool weather in the
western Corn Belt is slowing down drying there.
Wheat futures in the U.S. closed in the green.
USDA weekly export inspections were at 16.5 million
bushels, which was in-line with estimates.
A slowdown in the approval process for Russian
phytosanitary certificates for wheat exports has been supportive
for the market lately.
There are still concerns about the dry and cold conditions
in Argentina, which are thought to be lowering production and
future export availability. While there is rain in the forecast
for later this week, it is not expected to help much.
