By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 29 (CNS Canada) – The ICE Futures canola platform finished the day weaker after a volatile trading session.
Chicago Board of Trade (CBOT) soybean, oil and meal contracts were all down too. Trade is expected to stay choppy for the rest of the week as oilseed traders await news from the G20 summit in Argentina this weekend. United States President Donald Trump is to meet with Chinese Xi Jinping on Saturday to discuss the trade war.
Even with the volatility of the market currently, the technical bias for canola is pointed lower overall.
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About 11,956 canola contracts traded, which compares with Wednesday when 34,811 contracts changed hands. Spreading accounted for 5,108 of the contracts traded.
In U.S. market news the U.S. Department of Agriculture (USDA) weekly export sales for soybeans were at 629,000 tonnes and meal at 189,000 tonnes.
The USDA announced a spot sale of 268,000 tonnes of soybeans to unknown destinations yesterday.
CBOT corn prices finished the day mixed, with most contracts unchanged.
USDA weekly export sales for corn were at 1.266 million tonnes. South Korea feed makers have been buying a lot of U.S. corn lately which has pushed exports higher.
Ukraine corn exports for the year so far are at 5.2 million, which is higher than last year’s 2.9 million tonnes.
Wheat futures in the U.S. finished the day weaker.
Iraq has wheat tender offer out, with options to come from the U.S., Canada or Australia.
Planted acres in Russia are predicted to rise in 2019, according to their agriculture ministry. Total planted area is expected to increase by 1.6 per cent, with spring wheat acres expected to increase especially.
USDA weekly wheat exports were at 377,000 tonnes.
