ICE canola hits new yearly lows

By Ashley Robinson, Commodity News Service Canada
Winnipeg, Oct. 31 (CNS Canada) – The ICE Futures canola platform were weaker at market close.
Chicago Board of Trade (CBOT) soybean and meal contracts were stronger though after starting the day lower. The shift happened as soybeans looked to regain ground after hitting new monthly lows in overnight trade. Soyoil contracts were mixed.
South American seeding is weighing on the oilseed markets. Soybean seeding in Brazil is ahead of normal with good rains aiding in planting.
Seasonal harvest pressure weighed on the canola market today. Farmers have been able to make large deliveries into the commercial pipeline lately.

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The Canadian dollar was weaker today at canola market close, which limited losses for canola.
About 18,100 canola contracts traded, which compares with Tuesday when 21,992 contracts changed hands. Spreading accounted for 10,084 of the contracts traded.
Most crushers and elevators rolled their spot soybean bids out of the November contract and into the January contract yesterday.
Farmers in Parana region of Brazil are 65 per cent finished with soybean seeding as of Oct. 29, which is ahead of average but behind last year’s pace of 72 per cent.
CBOT corn prices finished the day weaker again.
Ethanol production rose last week by 35,000 barrels per day to 1.059 million barrels per day, according to the United States Department of Agriculture. However, stocks fell to 22.7 million barrels.
POET ethanol has received final permit approval to start building a new 80 million gallon per year ethanol plant in Shelbyville, Ind. It is expected be done by spring of 2020.
The corn harvest in Ukraine is 68 per cent complete, which is ahead of last year’s pace. Corn exports for the 2018/19 crop year are up by 50 per cent from last year to 2.5 million tonnes.
Wheat futures in the U.S. finished the day lower.
Winter wheat seeding in Ukraine is almost complete according to its Agriculture Ministry. There is a slight increase in area this year to about six million hectares.