By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 25 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Friday, after four conservatives days of losses.
Canola found support from a stronger tone in comparable vegetable oils. Nearby Chicago soyoil contracts were up by about half of a cent after week of considerable losses.
The loonie was slightly weaker on the day, which contributed to the firmer tone for canola. The dollar was around 74.5 U.S. cents due to comparable strength in the U.S. dollar index.
A recent report from Agriculture and Agri-Food Canada revised canola ending stocks higher by 650,000 tonnes, totalling 2.2 million.
On Friday, 32,054 contracts were traded, which compares with Thursday when 37,749 contracts changed hands. Spreading accounted for 24,188 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Friday, after a week of losses.
This morning, the United States Department of Agriculture (USDA) announced a sale of 100,000 tonnes of soymeal, for delivery to unknown destinations.
In a recent report from the International Grains Council (IGC), projected ending stocks for soybeans were lowered by two million tonnes to total 50 million tonnes for the 2020-21 crop year.
CORN futures were also slightly stronger today.
Rain is expected in key growing regions of the Corn Belt, which may slow harvest activity.
Total U.S. corn export commitments total almost 890 million bushels for the first three weeks of the marketing year.
The IGC has lowered their prediction for global corn production this year by 6 million tonnes to total 1.16 billion. Global stocks are also expected to be lower by 3 million tonnes to total 285 million tonnes.
The French corn harvest is 15 per cent complete.
WHEAT futures were mixed today, with Kansas City posting losses.
The International Grains Council maintained their world wheat production estimate of 763.4 million tonnes.
Futures Prices as of September 25, 2020
Prices are in Canadian dollars per metric ton