By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 21 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker on Monday, due to pressure from outside markets and harvest activity.
One Winnipeg-based trader cited reports of rapidly rising COVID-19 cases in the United States and the United Kingdom as wreaking havoc on global stock indices, and those negative sentiments have leaked into the commodities market.
Canola was also hampered by a negative tone for comparable vegetable oils. Chicago soyoil was down by nearly a penny on the day.
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The loonie was slightly weaker on the day, which prevented further losses for canola. The dollar was around 75 U.S. cents due to comparable strength in the U.S. dollar index.
On Monday, 35,110 contracts were traded, which compares with Friday when 23,191 contracts changed hands. Spreading accounted for 23,718 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were broadly lower on Monday, despite consistently strong export demand.
This morning, the USDA announced three private export sales: one made by China, one made by Pakistan, and another made for delivery to unknown destinations. China and Pakistan each purchased 132,000 tonnes of new crop soybeans, and 171,000 tonnes were purchased by unknown destinations.
CORN futures were weaker on Monday.
The corn and soybean harvest is expected to pick up this week, as weather conditions continue to improve.
Japan’s use of corn in its feed rations is up by about half of a per cent from July, to total 49.7 per cent.
France’s corn crop rating was lowered to 59 per cent good to excellent last week, and is four per cent harvested.
WHEAT futures were weaker today.
The Buens Aires Grain Exchange (BAGE) reported that about 12% of Argentina’s wheat crop is experiencing extreme drought and yields could be reduced by up to half.
One private company said Ukraine exported a record 1.3 million tonnes of barley in August, and China’s barley imports have increased by approximately 97 per cent from last year.
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