By Marlo Glass, MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished the week stronger.
Rain forecasts in the northern and eastern Prairies kept a weather premium in the market, as some areas have excess moisture and poor crop conditions.
Strength in the Canadian dollar kept pressure on canola prices. The dollar was around 74.5 United States cents at midday.
Relative weakness in comparable vegetable oils was another negative influence for canola prices today. Nearby Chicago soyoil contracts were steady today, gaining one one hundredth of a cent from yesterday’s close.
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On Friday, 16,710 contracts were traded, which compares with Thursday when 15,864 contracts changed hands. Spreading accounted for 9,682 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Friday.
This morning, the United States Department of Agriculture (USDA) announced a sale of 252,000 tonnes of soybeans, for delivery to unknown destinations.
The USDA also reported 133,000 tonnes of soybean cake and meal, for delivery to the Philippines during the current marketing year.
CORN futures were slightly lower on Friday.
Estimates for Brazil’s first corn crop of the year total 111 million tonnes, which is 10.5 million tonnes higher than prior expectations from the USDA.
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 stronger today.
The winter wheat harvest is nearing completion in the U.S., with all of the crop off the fields in Oklahoma and Texas. According to reports, the wheat crops in Kansas are 97 per cent harvested, and 92 per cent in Colorado.
Last week, wheat export sales totalled 616,000 tonnes. China, Yemen, and Japan were the top purchasers last week.
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