By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 2 (CNS) – The ICE Futures canola platform
finished the day stronger, taking back all of us yesterday’s
losses.
Chicago Board of Trade soybeans and oil contracts were
stronger. Meal contracts jumped around in value during the day,
but finished the trading session higher.
Slow harvest progress is supported the canola market. More
snow fell in parts of Alberta overnight. Parts of Saskatchewan
also received snow today, while there is snow and rain in the
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The weekly crop report from Manitoba yesterday pegged the
canola harvest at 87 per cent complete, which is ahead of
Saskatchewan and Alberta.
The Canadian dollar was weaker today compared to its Untied
States counterpart. It surged in value yesterday following news
of a new trilateral trade deal between Canada, the U.S. and
Mexico being reached.
About 24,479 canola contracts traded, which compares with
Monday when 21,642 contracts changed hands. Spreading accounted
for 14,174 of the contracts traded.
In the U.S…
Soybean futures on the Chicago Board of Trade finished the
day higher. Soyoil contracts were also higher, while meal contracts
were weaker.
The crop progress report from the U.S. Department
of Agriculture (USDA) yesterday pegged the U.S. soybean harvest
at 23 per cent complete, with four per cent of the crop above
average in quality. This is below trade expectations as rains
slowed harvest progress in the Delta region.
The USDA grain crushing report, also released yesterday,
said that processors crushed 169.6 million bushels of soybeans
in August, which was in line with trade expectations.
The corn market were stronger at market close.
Yesterday’s USDA crop progress report pegged the corn
harvest at 26 per cent complete. This was up 10 per cent from
the previous week and nine per cent ahead of the five-year
average.
The USDA grain crushing report yesterday said ethanol
plants used 479 million bushels of corn in August. This was less
than expected, but the year-to-date total is still close to the
USDA’s forecast for the 2017 crop.
Wheat futures in the U.S. closed higher.
The USDA crop progress report yesterday showed improving
conditions for winter wheat seeding, with 43 per cent of the
winter wheat crop planted. This is three per cent ahead of the
five-year average. Emergence is at 14 per cent, which is average
for this time of year.
Yesterday’s provincial crop report for Manitoba pegged the
spring wheat harvest at 95 per cent complete, which is unchanged
from the previous week. The report also noted that winter cereal
seeding continues in the province with some of the earlier
seeded crops already having emerged.
The wheat harvest in Russia is about 87 per cent complete,
according to UkraGroConsult. In Ukraine the winter wheat crop is
57 per cent planted, also according to UkrAgroConsult.
