By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Sep. 19 (CNS) – The ICE Futures canola platform was
mixed at close Wednesday, taking support from United States futures.
Chicago Board of Trade soybean, oil and meal contracts were
all higher, as trade war fears ebbed.
Statistics Canada released its updated production numbers
this morning, using satellite data. The report pegged canola
production at 21 million tonnes, which is sharply higher than
the previous estimate of 19.2 million.
Slow harvest progress in parts of Western Canada due to
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ICE Midday: Canola making small gains
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher in the middle of Friday trading, continuing their choppy…
About 15,324 canola contracts traded, which compares with
Tuesday when 20,273 contracts changed hands. Spreading accounted
for 8,760 of the contracts traded.
In the U.S. soybean futures on the Chicago Board of Trade
finished the day higher. Soyoil and meal contracts were also
stronger.
The market is recovering some of its losses from yesterday.
Tariff fears had pressured the market down as the trade war
between the U.S. and China heated up.
The private analytic firm Informa Economics estimated next
year’s soybean acreage to be at 82.27 million acres, which is
7.7 per cent below this year.
The corn market finished the day higher.
Ethanol numbers released this morning showed that last week
production rose by 31,000 barrels per day to 1.051 million
barrels per day. Ethanol stocks were at 22.7 million barrels,
down from 22.9 million barrels the week before.
Two South Korean feed makers bought corn overnight, and it
is likely that some of that corn is from the U.S.
Rain is expected to continue across the Corn Belt during
the next week. The long range forecast for the next two weeks is
calling for cool and wet weather across the Corn Belt.
Wheat futures in the U.S. finished the day higher.
The Statistics Canada report this morning pegged spring
wheat production at 22.91 million tonnes, up from the last
estimate of 21.559 million tonnes. All wheat production was
estimated to be at 31.019 million tonnes, up from the previous
estimate of 28.988 million tonnes.
The wheat harvest has just begun in southern Brazil.
The Russian wheat harvest in Siberia is running behind
schedule due to bad weather, making for the slowest pace in the
past five years. There is concern some crops will be left in the
fields if it snows this weekend.
