By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 29 (CNS) – The ICE Futures canola platform
were weaker at market close, following the lead of soybean
contracts.
The market was mostly sideways in trade today, holding
range bound.
Chicago Board of Trade (CBOT) soybean and oil contracts
were down, while meal contracts were mixed.
Last week saw heavy farmer selling, Canadian Grain
Commission data released on Friday showed 636,500 tonnes of
canola deliveries to elevators. We could see more selling this
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There was heavy liquidation today as traders moved interest
out of the soon to expire November contract and into the January
contract.
The Canadian dollar was weaker at commodity market close,
which limited losses for canola.
About 20,923 canola contracts traded, which compares with
Friday when 26,441 contracts changed hands. Spreading accounted
for 16,042 of the contracts traded.
United States Department of Agriculture (USDA) soybean
export inspections for last week were at 47.9 million bushels,
which was higher than previously estimated.
China has approved a measure that will lower protein levels
in animal feed. This will supposedly lower their soybean use by
about 13 per cent and help reduce the need to purchase U.S.
soybeans.
AgRural has estimated Brazil’s soybean crop to be at 46 per
cent planted so far, which is a record for this time of year.
The average is 28 per cent.
CBOT corn prices finished the day weaker.
According to the USDA, corn export inspections for last
week were at 25.7 million bushels, which was less than
estimated.
AgRural has estimated that Brazil’s first corn crop area is
2.6 per cent higher than last year.
Wheat futures in the U.S. finished the day mixed.
USDA wheat inspections for last week were at 14.4 million
bushels, which was in-line with estimates.
Egypt made its first significant wheat purchase from the
U.S. in more than a year on Friday, buying 60,000 tonnes of soft
red winter wheat.
