By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 1 (CNS Canada) – The ICE Futures canola platform were stronger at market close, finding spillover support from the soybean market.
The canola market was lower in early morning trade as a stronger Canadian dollar weighed on it. However, United States President Donald Trump tweeted midmorning that he had a “long and very good conversation” with Chinese President Xi Jinping about trade. This sent the soybean market in the U.S. soaring, which then spilled over into the canola market.
Read Also
North American grain/oilseed review: Canola falls Friday
ICE Futures canola market was weaker on Friday, settling at its weakest levels in two weeks. Speculative selling was a…
Chicago Board of Trade (CBOT) soyoil and meal contracts were also up at market close.
Weekly United States Department of Agriculture (USDA) export sales for soybeans released this morning were disappointing. However, the Trump tweet overshadowed this and dominated the market. Soybean exports for last week were at 455,800 tonnes, which was on the lower end of estimates.
The USDA will release its monthly crush report after market close today. It is expected that soybean processors will likely have crushed around 171 million bushels in September. This is based on data previously released by the National Oilseed Processors Association.
CBOT corn prices finished the day higher, finding some spillover support from the soy market.
Corn exports from the USDA released today were also disappointing. Exports for last week came in at 399,500 tonnes, which was below estimates.
A storm moving through the eastern Corn Belt has brought rain for the short-term forecast, which slowed down harvest progress. However, drier weather is expected in the next two weeks.
Wheat futures in the U.S. finished the day higher.
USDA wheat exports for the week were better than expected. Exports came in at 582,500 tonnes, which was above estimates.
Morocco ended its 135 per cent duty on soft wheat imports today; this was meant to protect domestic wheat prices for their harvest.
Taiwan bought 101,400 tonnes of U.S. milling wheat overnight.
About 27,864 canola contracts traded, which compares with Wednesday when 18,100 contracts changed hands. Spreading accounted for 13,846 of the contracts traded.
