By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 8 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished mostly higher on Wednesday, carrying on with pricing trends set earlier in the week.
One Winnipeg-based trader said prices are well-supported, and have the potential to go higher. Some producers have opted to slow down on selling in anticipation of higher prices.
A weaker Canadian dollar was supportive of canola prices. At midday, the dollar was at 76.7 U.S. cents, retreating from last week’s highs of over 77 U.S. cents.
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On Wednesday, 26,735 contracts were traded, which compares with Tuesday when 19,204 contracts changed hands. Spreading accounted for 19,606 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Wednesday, supported by the impending trade deal between the United States and China. Phase One of the deal is scheduled to be signed at the White House next Wednesday.
Soybean export sales from the U.S. totalled just over 7 million tonnes in November. About 60 per cent of that was purchased by China.
Brazil’s latest prediction for the country’s soybean crop is just over 122 million tonnes, which is a 1.3 million tonne increase compared to last month’s estimate.
The USDA will release their World Agriculture Supply Demand Estimates (WASDE) on Friday. Market participants are expecting Argentina’s soybean crop estimates to be lower by about 200,000 tonnes.
CORN futures finished slightly lower today.
This morning, the USDA announced a private export sale of over 200,000 tonnes of corn, for delivery to unknown destinations.
Estimates for Brazil’s corn crop have increased to total over 98 million tonnes.
WHEAT futures were mostly stronger on Wednesday.
Ahead of the WASDE, winter wheat planting estimates are around 30.6 million acres. That’s the lowest acreage estimate in over 100 years.
Wheat shipments from the U.S. totaled 1.89 million bushels in November, which was a 15.5 per cent decrease from October.
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