ICE canola still down after Friday’s USDA reports

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Published: August 13, 2018

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Aug. 13, 2018 (CNS Canada) – ICE Futures
canola contracts were lower Monday morning, as Friday’s United
States Department of Agriculture (USDA) reports continued to
weigh on the market.
Chicago Board of Trade soybeans, soyoil and meal contracts
were all down, along with palm oil and European rapeseed.
The USDA pegged the U.S. soybean crop as larger than
expected on Friday. According to the USDA, American soybean
farmers are due for a record harvest of 4.6 billion bushels for
the 2018/19 crop year, compared to last year’s crop of 4.4
billion bushels.
The heat wave that Western Canada experienced over the last
week has kept a weather premium in the market. With harvest
underway on parts of the Prairies, any rain that may fall could
be too late to help crops.
About 2,700 canola contracts had traded as of 8:43 CDT
Monday morning.

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