By Marlo Glass, MarketFarm
WINNIPEG, April 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Friday.
Short covering was a supportive feature in trading activity ahead of the month’s end.
Losses in Chicago soy was a negative influence on canola prices. Soybean futures were broadly lower despite indications that China will continue to make soybean purchases.
Relative weakness in the Canadian dollar kept some pressure on canola prices. The dollar was around 71 cents at midday.
On Friday, 14,513 contracts were traded, which compares with Thursday when 23,599 contracts changed hands. Spreading accounted for 11,668 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday, despite steady export activity.
This morning, the United States Department of Agriculture (USDA) reported a private export sale of 136,000 tonnes of soybeans, purchased by China. That’s the third export sale from China in as many days. Reports show China is preparing to buy more than 30 million tonnes of crops in order to shore up state stockpiles, including about 10 million tonnes of soybeans.
The USDA also announced a sale of 125,000 tonnes of soybeans to Mexico.
CORN futures were weaker on Friday.
Two of the largest ethanol plants in the United States will temporarily close down due to the lack of ethanol demand. ADM plants in Cedar Rapids and Columbus will be closed for up to 4 months, which will impact 100 million bushels of corn originally pegged for ethanol use.
WHEAT futures were lower on Friday.
Today, Saudi Arabia issued an international tender for 655,000 tonnes of wheat for delivery between July and August.
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