North American Grain and Oilseed Review: Canola finishes day in choppy trade

By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 15 (CNS Canada) – The ICE Futures canola platform finished the day mixed, with contracts bouncing around both sides of unchanged in the last 10 minutes of trade.
Chicago Board of Trade (CBOT) soybean contracts finished the day mostly higher, soyoil contracts were stronger and meal contracts lower. Soybeans found support from news that China and the United States were talking about trade.
For the canola market the January contract did rise above the C$480 per tonne mark earlier in the day, but finished the day back down at C$478 per tonne.

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There is currently some caution in the oilseeds markets as reports about good weather in South America and what is expected to be a record soybean crop are weighing on the markets. There is also still some uncertainty about the size and quality of the Canadian canola crop.
About 13,938 canola contracts traded, which compares with Wednesday when 14,566 contracts changed hands. Spreading accounted for 7,132 of the contracts traded.
The National Oilseed Processors Association soybean crush for October set another record at 172.2 million bushels. For year to date this is up 10.8 per cent, compared to the United States Department of Agriculture (USDA) forecast of only a 1.2 per cent increase.
CBOT corn prices closed with some contracts higher and some unchanged.
USDA data released Thursday pegged ethanol production at 1.067 million barrels per day last week in the U.S.
European Union corn production is expected to increase by 600,000 tonnes to 60 million tonnes this year. Ukraine is expected to harvest 34 million tonnes of corn itself with up to around 80 per cent of that to be exported.
Wheat futures in the U.S. finished the day mixed.
Forecasts in the U.S. Midwest are calling for more rain and snow over the next two weeks which could hold back planting and slow emergence for winter wheat. However, good moisture has helped the fields that are growing.
There are reports that the EU soft wheat crop is predicted to be 127 million tonnes, which is unchanged from previous estimates.
Japan bought about 120,000 tonnes of wheat in its routine tender.