By Ashley Robinson, Commodity News Service Canada
Winnipeg, Dec. 14 (CNS Canada) – The ICE Futures canola contacts finished the day weaker, realigning itself with the soy complex.
Chicago Board of Trade (CBOT) soybean, oil and meal contracts were all weaker, however they weren’t down as much they were on Thursday. Despite more positive news from China, analysts are thinking the soybean market has peaked for now.
The Canadian dollar was weaker today, which provided slight support for the canola market.
Internationally, Australia exported 39,217 tonnes of canola in September, which was 59 per cent less than what they exported in August, according to the Australian Bureau of Statistics. Australia suffered from a drought this year, which reduced crops there.
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The United States Department of Agriculture (USDA) announced a sale of 300,000 tonnes of soybeans to China and 130,000 tonnes to unknown destinations this morning.
The National Oilseed Processors Association is expected to announce record November crush on Monday. However, the pace at plants is starting to slow as margins are weakening due to higher soybean costs and weak product prices.
CBOT corn prices finished the day mixed.
Bloomberg reported this morning that one of China’s next moves in the trade truce will include purchasing up to 3 million tonnes of U.S. corn as soon as January.
Data from China, released Friday, has the country having produced 257.3 million tonnes of corn this year, a drop of 0.66 percent from last year’s crop. However, this was still 20 per cent larger than previous forecasts.
The USDA announced a sale of 125,000 tonnes of corn to Japan this morning.
The Buenos Aires Grain Exchange (BAGE) is estimating that Argentina’s corn crop is 47 per cent planted, which is behind the average of 54 per cent.
Wheat futures in the U.S. finished the day weaker.
BAGE has lowered its estimate of Argentina’s wheat production to 19 million tonnes, due to frost and hail losses. They also pegged the wheat harvest at 57.4 per cent done, which is average. Heavy rains are forecast for the next few days which could affect the crop.
A private analyst is estimating the U.S. 2019 winter wheat acreage at 32.253 million acres, which is less than last year’s 32.535 million acres.
