By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 30 (CNS Canada) – The ICE Futures canola platform finished the day mixed, as oilseed traders were cautious ahead of the G20 meeting between United States President Donald Trump and Chinese President Xi Jinping.
Chicago Board of Trade (CBOT) soybean, oil and meal contracts all were stronger at market close.
Oilseed contracts were jittery throughout the day as traders awaited the G20 meeting between Trump and Xi on Saturday. There are expectations activity will be very volatile when markets reopen Sunday night, with it jumping one way or the other. According to a trader, the short-term bias is pointed towards the upside.
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The Canadian dollar was weaker today at canola market close, which was supportive for the canola market.
About 16,623 canola contracts traded, which compares with Thursday when 11,956 contracts changed hands. Spreading accounted for 12,112 of the contracts traded.
In U.S. markets the U.S. Department of Agriculture (USDA) announced a sale of 120,000 tonnes of soybeans to unknown destinations for delivery in the 2018-2019 crop year.
Soybean exports are leaving Brazil at a record pace. November exports are estimated at around 5 million tonnes, which is an all-time record.
CBOT corn prices finished the day in the green.
Total U.S. corn export sales are running 16 per cent above last year’s levels.
The U.S. Environmental Protection Agency has released its final Renewable Fuel Standard (RFS) proposal with the ethanol portion of the 19.29 billion gallons mandate at 15 billion gallons.
Taiwan has bought a load of corn. The origin is unknown but is expected to have come from either the U.S. or Brazil.
Wheat futures in the U.S. finished the day stronger.
The wheat area in the United Kingdom for 2019 is predicted to rise by four percent to a five-year high of 1.86 million hectares, according to an early bird survey released Friday.
There have been reports that Russian authorities may have issued new requirements that wheat trucks loading for export facilities saying that they must obtain a phytosanitary certificate.
