By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 17 (CNS) – The ICE Futures canola platform are
stronger at market close, regaining some of yesterday’s losses.
Chicago Board of Trade (CBOT) soybeans contracts finished
the day mixed, with values jumping around in the final few minutes
of trade. Soyoil contracts were weaker, while meal contracts were
higher.
It is expected the canola market will continue to bounce
around in trade day-to-day as nicer weather allows farmers to
make some harvest progress and to continue to sell canola. There
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snowy weather has caused to the canola crop.
The Canadian dollar was weaker today at market close, which
was supportive for canola.
About 29,116 canola contracts traded, which compares with
Tuesday when 29,335 contracts changed hands. Spreading accounted
for 21,382 of the contracts traded.
There has been no confirmation that United States President
Donald Trump will meet with Chinese President Xi Jinping next
month at the G20 summit in Argentina.
There are still concerns about the U.S. soybean harvest,
with reports that some crops are covered in snow. Farmers are
suspecting quality will be affected. However, in other parts of
the U.S. weather is improving and farmers are expected to back
out into the fields soon.
Soyoil production in Ukraine was down in August, according
to UkrAgroConsult. Crushers processed 8.9 kilo metric tons,
which was 32 per cent less than the previous month and 10 per
cent down from 2017. August’s volume was the lowest in four
years due to a significant drop in soybean stocks.
CBOT corn prices finished the day weaker.
U.S. ethanol production was down last week, coming it at
1.011 million bushels per day. However, stocks increased
slightly from the previous week to 24.1 million bushels.
It expected that the U.S. Department of Agriculture
(USDA)’s next yield estimate in November will be lower than
October’s estimate of 180.7 bushels per acre, following
excessive rains in parts of the U.S. Corn Belt which have led to
more yield variability.
The corn harvest in Ukraine is more than 40 per cent
complete, which is 28 per cent ahead of last year, according to
UkrAgroConsult. The average yield is 39 per cent higher than
last year’s currently.
Wheat futures in the U.S. finished the day in the red.
Many are thinking that rain in the U.S. around Texas could
pose challenges for seeding the rest of the winter wheat crop.
However, moisture conditions are supposed to remain favourable
for fields that weren’t flooded.
Traders are keeping an eye on exports currently, paying
attention to when Russian exports will begin to wane. There also
haven’t been any tenders from Egypt since Oct. 4 and many
suspect they could post one this week.
