WINNIPEG, June 25 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower at Thursday’s close, as positive weather forecasts bode well for growing conditions in the Canadian Prairies.
Weakness in Chicago soyoil was also prevented gains for canola prices. Nearby contracts were down by about a tenth of a cent after losing half of a cent yesterday.
Slight losses in the Canadian dollar were supportive for canola. The loonie has been around 73.2 United States cents for most of the day.
On Thursday, 16,569 contracts were traded, which compares with Wednesday when 17,899 contracts changed hands. Spreading accounted for 7,874 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Thursday, despite strong export data.
Old crop export sales totalled over 600,000 tonnes, which was in line with pre-report expectations and a significant jump from last week’s sales. New crop soybean sales totalled just over 560,000 tonnes. About 50 per cent of the purchases were made by China.
Soymeal sales were around 70,000 tonnes, which is a low for the marketing year. Soyoil sales were around 20,000 tonnes, which was higher when compared to the same week last year.
Ahead of the planted acreage report from the United States Department of Agriculture (USDA), traders expect to see an increase of 1.32 million acres, to total 84.83 million acres of soybeans.
CORN futures were weaker today.
Old crop export sales totalled over 461,000 tonnes, which was on the lower end of trade expectations. New crop corn sales totalled about 77,000 tonnes, which was also lower than expected. Marketing year-to-date corn shipments total 32.4 million tonnes.
Corn stocks are expected to total 4.96 billion bushels, which is down by about five per cent year over year.
Corn acreage estimates are around 95.2 million acres.
WHEAT futures were mixed on Thursday, with Chicago spring wheat posting gains.
Wheat export sales were around 519,000 tonnes, which was on the higher end of trade expectations.
Ahead of the USDA grain stocks report next week, traders expect wheat stocks to be around 987 million bushels, which would be down by about 93 million bushels from last year.
The International Grain Council raised their global wheat production estimates to total 768 million tonnes.
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