By Marlo Glass, MarketFarm
WINNIPEG, April 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished higher on Wednesday, recuperating some of the week’s losses.
Strength in Chicago soy was a positive influence on canola prices.
One trader said weather issues such as flooding in different parts of the Prairies aren’t a concern to market participants just yet, but they’ll be keeping an eye on it during the coming weeks.
Relative weakness in the Canadian dollar gave a slight boost to canola. The dollar was at 70.5 cents at midday.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were mostly higher on Wednesday, supported by steady export demand.
This morning, the United States Department of Agriculture (USDA) reported a private export sale of 198,000 tonnes of soybeans, purchased by China.
CONAB has reported that Brazil’s soybean output will likely be lower than originally predicted due to dry conditions in key growing regions. Soybean estimates were lowered by more than 2 million tonnes to total approximately 122 million tonnes.
CORN futures were higher, bouncing back from losses incurred earlier in the week.
Dry weather in certain growing regions of Brazil is expected to hamper second cut corn crops, which are in vulnerable stages of growth. However, experts don’t agree on the degree to which production will be affected. CONAB predicts corn output to total a record 101.868 million tonnes.
Brazil’s year-to-date corn exports are also slowing down, according to one report, due to relative strength in local currency.
Crude oil futures have bounced back slightly from historic lows earlier in the week.
WHEAT futures were weaker on Wednesday.
As of last week, Ukraine’s monthly year to date wheat exports totalled almost 18.5 million tonnes.
Japan has issued their weekly wheat tender, seeking 115,000 tonnes of wheat from Canada, the U.S., and Australia.
Winter wheat ratings fell by five per cent this week to 57 per cent good to excellent.
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