By Marlo Glass, MarketFarm
WINNIPEG, June 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly lower at Monday’s close, with the nearby July contract showing slight strength due to end-of-month positioning.
Consistent strength in the Canadian dollar kept a lid on canola prices. The loonie was around 73.9 United States cents for most of the day.
Weakness in Chicago soyoil was also prevented gains for canola prices. Nearby contracts were down by about a fifth of a cent.
On Monday, 21,620 contracts were traded, which compares with Friday when 29,074 contracts changed hands. Spreading accounted for 11,950 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Monday, despite steady export demand.
Soybean exports inspections totalled 9.37 million bushels last week, according to the United States Department of Agriculture (USDA), with 30 per cent going to China. That brings marketing year to date soybean exports to a total of 1.34 billion bushels, which is on par with previous years.
CORN futures were weaker today.
Last week, corn export inspections totalled just over 51 million bushels, which brings marketing year to date shipments to total 1.26 billion bushels. That’s about 23 per cent behind last year’s pace. China and Taiwan accounted for 11 per cent of the total corn exports, and 99 per cent of total sorghum exports.
WHEAT futures were mixed on Monday, with Minneapolis spring wheat posting losses.
Ahead of the USDA’s crop progress report, traders are expecting to see winter wheat conditions unchanged, and spring wheat conditions to be 80 per cent good to excellent.
Last week, wheat export inspections totalled just over 613,000 tonnes, which brings the marketing year to date total to 1.413 million tonnes. Exports are ahead of last year’s pace by about 124,000 tonnes since the marketing year began on June 1.
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