Intercontinental Exchange (ICE) Futures canola contracts finished slightly stronger on Thursday.
Reports of isolated instances of storms across the Canadian Prairies injected a weather premium into the market, though the extent of crop damage is not yet known.
Strength in the Canadian dollar prevented further gains for canola prices. The dollar was around 74.8 United States cents at midday.
Relative weakness in comparable vegetable oils was another negative influence for canola prices today. Nearby Chicago soyoil contracts lost more than a tenth of a cent.
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Trading volumes were subdued compared to earlier in the week, indicating a lack of speculative participation, which kept canola prices under pressure.
On Thursday, 15,864 contracts were traded, which compares with Wednesday when 18,905 contracts changed hands. Spreading accounted for 7,894 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Thursday.
This morning, the United States Department of Agriculture (USDA) announced a sale of 132,000 tonnes of soybeans, purchased by China.
According to the weekly export sales report from the USDA, over 2.6 million tonnes of soybeans were sold during the week ended July 16. Most of that was new crop, with about 365,000 tonnes of old crop. China accounted for the lion’s share of sales, in an effort to meet their Phase One trade promises before the end of the marketing year.
Soymeal export sales totalled 45,000 tonnes, which was lower than expected. Soyoil sales totalled 20,000 tonnes, which was in line with pre-report estimates.
CORN futures were stronger on Thursday.
Last week, corn export sales totalled 220,000 tonnes of old crop corn and 2.3 million tonnes of new crop corn.
WHEAT futures were lower today due to seasonal harvest pressure.
Last week, wheat export sales totalled 616,000 tonnes.
Jordan issued a new tender to purchase 120,000 tons of optional origin milling wheat. The tender closes on July 29.
Ethiopia has again postponed their tender to purchase 400,000 tons of milling wheat from July 20 to July 24.
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