By Marlo Glass, MarketFarm
WINNIPEG, June 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed at Wednesday’s close,
One Winnipeg-based trader said the July contract has held steady due to traders positioning ahead of the end of the month, and firmness in the July is holding the November contract up as well.
Slight losses in the Canadian dollar kept a lid on canola prices. The loonie has been around 73.5 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 half of a cent.
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Spring planting is complete in Manitoba, which is on par with the rate in previous years.
On Wednesday, 17,899 contracts were traded, which compares with Tuesday when 23,868 contracts changed hands. Spreading accounted for 10,230 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Wednesday, due to quiet export demand.
Ahead of the export sales report from the United States Department of Agriculture (USDA) tomorrow, soybean export sales are expected to be between 400,000 and 900,000 tonnes for old crop, and between 400,000 and one million tonnes for new crop.
CORN futures were weaker today.
Recent data from the Energy Information Administration showed ending stocks for last week totalled 893,000 barrels. That’s an increase of 52,00 barrels per day from the previous week, due to increased production levels. However, ethanol stockpiles remain at their lowest level since the start of 2020.
Market participants expect corn export sales to be between 300,000 and 800,000 tonnes for old crop, and between 100,000 and 300,000 tonnes for new crop.
The corn crop is rated as 71 per cent good to excellent, which is considerably higher than the previous year’s rating.
WHEAT futures were mixed on Wednesday, with Minneapolis spring wheat posting gains.
Trade expectations for wheat exports are between 250,000 and 650,000 tonnes for tomorrow’s export sales report.
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