By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 1 (CNS) – The ICE Futures canola platform
finished the daylower on Monday, as the Canadian dollar surged on
new trade news.
The dollar jumped higher following news that Canada and the
United States have agreed to a new North American Free Trade
Agreement (NAFTA), which will be called the United States Mexico
Canada Agreement.
Chicago Board of Trade soybean, oil and meal contracts were
all higher, but due to the stronger Canadian dollar that
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Losses were limited in the canola market by the delayed
harvest due to wet and cool weather in parts of Western Canada.
Reports of frost in southeastern Australia over the weekend
have raised concern about the condition of the canola crop in
the area. Damage to the crop is expected to be less than earlier
frosts have caused.
About 21,642 canola contracts traded, which compares with
Friday when 31,015 contracts changed hands. Spreading accounted
for 13,712 of the contracts traded.
Soybean futures on the Chicago Board of Trade finished the
day higher. Soyoil and meal contracts were also stronger.
There is talk of trade optimism is lifting the market.
Since the United States has been able to make a deal with
Canada, there is hope they might be able to make a deal with
China soon.
Wet weather in the U.S. is delaying the soy harvest, which
is supportive for the market also.
The corn market finished the day higher.
The wet weather in the U.S. is also delaying the corn
harvest and is supportive for the market.
Seeding of Brazil’s summer corn crop for the 2018/19 crop
year is 33 per cent complete, compared to 23 per cent last year
at this time, according to AgRural.
The European Commission has cut its 2018 corn production
estimate to 61.9 million tonnes, down from its August estimate
of 64.2 million tonnes.
Wheat futures in the U.S. finished the day higher.
Russia has harvested 67.2 million tonnes of wheat so far
this year, which is down from 83.9 million tonnes last year at
this time. There is 13.1 million hectares of winter wheat
planted so far in Russia this year, they are expected to seed
17.2 million hectares of winter wheat this year in total.
There are reports of frost in southeastern Australia over
the weekend. It is not known how much damage this latest frost
has caused to the wheat, barley and canola crops, but it is
expected to be less than the frost which hit earlier in
September.
The European Union Commission has slightly cut its wheat
production number to 128.7 million tonnes, compared to the
August estimate of 128.8 million tonnes.
