WINNIPEG, Sept. 23 (MarketsFarm) – Intercontinental Exchange
(ICE) Futures canola contracts were slightly stronger on Monday, thanks to spillover support from soybeans on the Chicago Board
of Trade.
However, canola values are expected to remain largely range-bound, with nothing signaling a big move in markets.
On Monday, 18,876 contracts were traded, which compares with Friday when 16,987 contracts changed hands. Spreading accounted
for 11,254 contracts traded.
SOYBEAN futures on the Chicago Board of Trade received a boost due to positive trade sentiments between the United States and China.
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Although a Chinese trade delegation cancelled a trip to visit farms in key growing regions, trade talks are reportedly
“positive” and negotiations are ongoing.
South Korea, the Philippines, and China have reported additional cases of African Swine Fever. About a dozen villages in the Philippines have reported cases of the disease since September 9. South Korea has reported three cases in the past week, and China has reported one new case. The country’s hog herd shrunk significantly earlier in the year.
A study from Kansas State University confirmed the disease can be transmitted through contaminated feed. The disease is highly contagious, has no cure or vaccine, and is a significant threat to global soybean demand.
CORN futures were slightly stronger despite recent reports showing that corn exports have hit a multi-year low. Last week, about 234,000 tonnes of corn were shipped, which is a 44 per cent decrease from the previous week.
In the weekly crop progress report, analysts are expecting crop conditions to be steady compared to last week.
WHEAT futures were mixed on Monday, as forecasted rain in key growing regions has significantly delayed the spring wheat harvest.
The USDA reported that about 476,000 tonnes of wheat were inspected for export last week, down about eight per cent from the week prior but up by 10 per cent from this week last year.
