By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 13 (CNS Canada) – The ICE Futures canola platform were weaker at market close, following the lead of Chicago soyoil contracts.
The January contract has been finding some support around the C$480 mark, however it hasn’t been able to rally as weak soyoil contracts have it stuck there. Chicago Board of Trade (CBOT) soybean, meal and oil contracts were all down.
Large producer deliveries over the last month have put ample canola supplies in the commercial pipeline which pressured prices.
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And international oilseed markets are also weighing on canola. South American weather has been mostly favourable and many traders expect there will be record soybean production there this year.
About 10,942 canola contracts traded, which compares with Friday when 12,854 contracts changed hands. Spreading accounted for 4,738 of the contracts traded.
The United States Department of Agriculture will release its weekly crop progress report after market close today. It is expected that unfavourable weather in the U.S. Midwest will have led to a slower harvest pace for soybeans and corn. Soybeans could see more favourable harvest progress though, as many farmers switched over to harvesting corn last week due to the snow and rain that hit much of the Upper Midwest.
There was a bump in soybean trade early this morning after news that the U.S. Treasury Secretary Steven Mnuchin and the Chinese Vice-Premier Liu He talked about trade over the phone on Friday. The two could possibly meet ahead of expected talks between the their presidents later this month.
The last trading day for November Soybeans is tomorrow.
CBOT corn prices closed in the red Friday.
There have been reports there is another case of the swine virus in the central part of China, in Hubei province. And yesterday there was news that African swine fever was found in a large Chinese animal feed producer.
It looks like the French corn crop is expected to be steady at 12.25 million tonnes.
Wheat futures in the U.S. finished the day mostly lower.
Japan has said it will split its regular weekly tender this week between the U.S., Canada and Australia. And Russia exporters are saying that Russia is edging into the market in Iraq, which normally buys wheat from the U.S., Canada or Australia.
