By Phil Franz-Warkentin, MarketsFarm
Winnipeg, Nov. 14 (MarketsFarm) – ICE Futures canola contracts settled near unchanged on Thursday, lacking any clear direction throughout the session.
Gains in Chicago Board of Trade soyoil and a slowdown in farmer selling pressure provided some underlying support.
Idea that canola was looking cheap compared to other oilseeds also underpinned the market, according to participants.
While Canada’s adverse harvest weather remained somewhat supportive as well, the likelihood that some fields will be left to overwinter was thought to be priced into the market for the time being.
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Ample supplies in the commercial pipeline also kept a lid on any attempts at moving higher.
About 13,039 canola contracts traded on Thursday, which compares with Wednesday when 11,409 contracts changed hands. Spreading accounted for 7,456 of the contracts traded.
SOYBEAN Futures at the Chicago Board of Trade settled with small gains on Thursday, with strength in soyoil but a softer tone in soymeal.
Relatively favourable South American weather conditions put some pressure on values, as farmers in Brazil and Argentina seed their next crop.
However, news that China had lifted a four year ban on poultry from the United States was somewhat supportive, as optimism grew over the possibility of a trade deal between the two countries.
The U.S. Department of Agriculture reported private export sales of 129,000 tonnes of soybeans to China this morning.
CORN was slightly higher, as demand from the ethanol sector provided some support.
Weekly U.S. production of the renewable fuel rose to 1.03 million barrels per day in the latest government data. Meanwhile, ethanol stocks in the country were tighter despite the increased production, as usage was up.
WHEAT futures were down slightly, seeing some follow through selling after Wednesday’s turn lower.
Egypt bought 465,000 tonnes of wheat from Ukraine and Russia in its latest tender, bypassing the U.S. once again.
In other wheat news, the Rosario Grain Exchange pegged wheat production in Argentina this year at 19 million tonnes, which was down five per cent from an earlier estimate.
