By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 4 (CNS) – The ICE Futures canola platform
closed mixed, jumping around in trade near the close. Earlier in
the day the November contract had cracked the $500 mark, hitting
its highest level in six weeks.
The Canadian dollar is weaker again today, which was
supportive for the canola market.
Wet, cold and snowy weather continues to plague Western
Canada. According to a tweet from World Weather Inc. while the
weather forecast for the eastern Prairies is looking good for
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The canola harvest in Saskatchewan made gains this week,
according to provincial crop report released today. As of
Monday, 52 per cent of the canola crop was in the bin, up from
last week where 48 per cent was harvested.
About 23,523 canola contracts traded, which compares with
Wednesday when 25,931 contracts changed hands. Spreading
accounted for 16,042 of the contracts traded.
In the U.S. Chicago Board of Trade (CBOT) soybeans and meal
contracts were higher, while soyoil contracts were lower.
Soybean export sales from the United States Department of
Agriculture (USDA) for 2018/19 came in above trade estimates at
1.5 million tonnes. Soymeal sales were in-line with estimates at
412,000 tonnes. Soyoil sales were also in-line with trade
estimates at 9,700 tonnes.
Brazil is set to pick a new president on Sunday and whoever
wins could determine the future agriculture export market for
the country. Two of the candidates are considered to be
supportive of Brazilian agriculture exports, while the others
are more left-leaning and are expected to encourage minimal
production.
CBOT corn prices finished the day higher.
The corn harvest in the U.S. Midwest is facing progress
problems due to the wet weather.
Corn export sales from the USDA were at 1.4 million tonnes,
which was in-line with trade estimates.
Ukrainian farmers have harvested about 7.2 million tonnes
of corn at an average yield of 5.97 tonnes per hectare. About 27
per cent of that country’s corn crop has been harvested.
Wheat futures in the U.S. closed mixed.
The spring wheat crop in Saskatchewan was 58 per cent
harvested as of Monday, according to the provincial crop report
released today. This was up from the previous week where 53 per
cent was combined.
Rain fell across inland Australia and while the
precipitation is welcome, it will only put a small dent in the
severe drought Australia is experiencing.
The United Nation’s Food and Agriculture Organization has
left its forecast for world wheat production in 2018 unchanged
at 722.4 million tonnes, which is the smallest crop since 2013.
