North American Grains and Oilseeds Review: Canola up as dollar dives

By Ashley Robinson, Commodity News Service Canada
Winnipeg, Dec. 10 (CNS Canada) – The ICE Futures canola platform finished the day stronger, supported by a weak Canadian dollar. Trading was choppy in the last few minutes before market close.
The Canadian dollar fell below the 75 U.S. cents mark Monday, as tensions continue to rise over the arrest of Huawei Chief Financial Officer Meng Wanzhou last week. China has warned Canada it could face severe consequences for the arrest.
Canola contracts found support from tightening spreads as participants are started to roll their January positions forward into March. Spreads accounted for most of trade during the day.

North American Grain/Oilseed Review: Canola rises, down day for grains

Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday despite weakness in most comparable…

Chicago Board of Trade (CBOT) soybean and meal contracts were weaker, while soyoil contracts were stronger.
The United States Department of Agriculture (USDA) releases its monthly supply/demand report tomorrow, and pre-report positioning took place during the day in North American grain and oilseed markets.
About 32,757 canola contracts traded, which compares with Friday when 29,759 contracts changed hands. Spreading accounted for 26,924 of the contracts traded.
The USDA announced a 125,000 tonne sale of soybeans to unknown destinations for the 2018/19 crop year this morning.

Bloomberg reported that China will soon announce it will be resuming U.S. soybean purchases. Volume could be in the five to eight million tonne range, but it is still being decided as to whether or not they will lift 25 per cent tariff.
China imported 5.38 million tonnes of soybeans in November, according to the USDA. This is down 38 per cent from last year; it is the smallest monthly volume in two years and the smallest November volume since 2012. Year-to-date imports are down by four per cent.
CBOT corn prices finished the day in the red.
The USDA announced a flash sale of 1,645,920 tonnes of corn to Mexico this morning. This is the fourth-largest daily sale of corn on record since 1977.
Wheat futures in the U.S. finished the day weaker.
Winter wheat acres in Kansas are expected to be less than last year, due to a colder and wetter than average fall. This could see Kansas having the smallest wheat acreage number in more than a century.
Export prices of Russian milling wheat rose by US$3 per tonne last week to US$228 per tonne, following another sale to Egypt.