North American Grain/Oilseed Review: Canola tumbles with soy

By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 26 (CNS Canada) – The ICE Futures canola platform finished the day weaker, dragged down by a plunge in the soy complex.
Chicago Board of Trade soybean, oil and meal contracts dropped significantly during the day. Uncertainty over China and United States trade relations and forecasts for record Brazilian soy production dragged contracts down.
Traders are awaiting the outcome of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping on Friday at the G20 Summit in Argentina. Many are unsure if an agreement will be reached.

North American grain/oilseed review: Canola rises Tuesday

Glacier FarmMedia — The ICE Futures canola market was stronger on Tuesday, moving back above some key technical levels in…

Commercial canola stocks are weighing on the market, as farmer deliveries were steady throughout October and November. Lower than normal canola crush and export numbers last week also have traders concerned.
About 12,000 canola contracts traded, which compares with Friday when 13,208 contracts changed hands. Spreading accounted for 8,156 of the contracts traded.
In the U.S. markets, according to new data, China imported 6.53 million tonnes of soybeans from Brazil in October, which accounted for 94 per cent of total soybean imports. U.S. imports accounted for only 67,000 tonnes.
Soybean planting in Brazil is ahead of normal as beneficial weather has allowed farmers to get ahead.

CBOT corn prices closed in the red, as the drop in the soy complex weighed on the market.
Weather reports out of the U.S. Midwest have been bearish for corn. Snow fell throughout the Midwest over the weekend, which will make finishing harvest difficult. The forecast is calling for drier conditions over the next few days but a snowstorm is headed for the area later in the week.
AgroConsult is predicting Brazil’s corn crop next year could be as big as 95 million tonnes, which would larger than this year’s 82 million tonnes.
Wheat futures in the U.S. finished the day higher.
The wheat market in Australia was up today. Forecasts for rain there could disrupt harvest in the south-eastern part of the continent, which pushed the market higher.
Iraq has a milling wheat tender out. They are looking for wheat from either the U.S., Australia or Canada by Dec. 3.
The Buenos Aries Grain Exchange is pegging the Argentina wheat harvest at 21 per cent done. The Rosario Exchange has slightly lowered its Argentina wheat production estimate to 19 million tonnes.