WINNIPEG, Oct. 16 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Wednesday, pressured by resilient harvest activity.
Despite a season of challenging harvest conditions in the Canadian Prairies, some areas have nearly completed their canola harvest. In particular, producers in Nortwest and Central Saskatchewan are almost finished with the canola harvest.
Similarly, canola in Manitoba is 80 per cent harvested.
A lower tone for the soy complex on the Chicago Board of Trade also weighed down canola. Amid trade negotiations, Chinese officials have said they’re prepared to purchase more United States agriculture products, including pork and soybeans, if the U.S. reduces tariffs.
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A comparatively stronger Canadian dollar also put pressure on canola values. The dollar is stronger due to gains in crude oil, and hovered around 75.79 U.S. cents on Wednesday.
On Wednesday, 23,406 contracts were traded, which compares with Tuesday when 53,845 contracts changed hands. Spreading accounted for 17,458 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were mostly lower on Wednesday, taking back gains observed earlier in the week.
Following negotiations in Washington, Chinese officials have said they will purchase more U.S. agriculture products, including pork and soybeans, if the U.S. reduces tariffs.
The USDA reported the soybean harvest to be around 26 per cent complete, which was in line with market expectations. However, that remains well-behind the five-year average of 49 per cent done.
The USDA Crop Progress report showed 85 per cent of the soybean crop had leaves dropping, which is lagging behind the 93 per cent average. Also, the quality of the soybean crop was 54 per cent good to excellent.
CORN futures were slightly lower today, supported by a late-maturing crop. The USDA reported that 96 per cent of the corn crop was dented, which is just off the average of 100 per cent. Also, 73 per cent of the corn crop is now mature, which is well behind the 92 per cent average.
The corn harvest is 22 per cent complete, which is 14 per cent behind the average pace.
This morning, the USDA reported a private export sale of approximately 228,000 tonnes of corn to Mexico.
WHEAT futures were stronger on Tuesday, due to snow and inclement weather in key growing regions.
The USDA reported that the spring wheat harvest is nearly complete, as 94 per cent has been harvested. Typically, all of the spring wheat has been harvested by now.
Winter wheat planting is 65 per cent complete, which is consistent with the average pace.
