By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Oct. 3 (CNS) – The ICE Futures canola platform
closed mostly stronger, taking support from rising soyoil prices.
Chicago Board of Trade soybeans and meal contracts were
lower, while soyoil contracts were higher.
The Canadian dollar was weaker which was supportive for the
canola market. However canola is currently considered overpriced
compared to soybeans, which has been holding back gains for the
oilseed.
Snow has fallen across more of the Prairies, with parts of
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Due to the snow, harvest progress has stalled in parts of
Western Canada.
About 25,931 canola contracts traded, which compares with
Tuesday when 24,479 contracts changed hands. Spreading accounted
for 15,406 of the contracts traded.
In the U.S. soybean futures on the Chicago Board of Trade
finished the day lower. Meal contracts were also weaker while
soyoil contracts were stronger.
Losses were limited due to harvest progress concerns. Wet
weather has slowed down harvest progress in the U.S.
Midwest. There are forecasts calling for heavy rains in the
upcoming days.
Soybean planting in Brazil’s second top soy producing
state, Parana, is 29 per cent complete compared to 16 per cent
last year, according to the state’s agriculture statistics
Corn prices were slightly weaker at market close.
The rain affecting the U.S. soy harvest is also affecting
the corn harvest and limiting losses for the market.
Ethanol production in the U.S. dropped last week but stocks
still rose due to low biofuel prices and rising corn costs,
according to data released today. The total for September is
still in line with the U.S. Department of Agriculture forecast
for the 2018 crop.
Wheat futures in the U.S. closed in the red.
India has raised its minimum support price (MSP) for wheat,
the MSP was also raised for rapeseed. The move comes as Indian
Prime Minister Narendra Modi is preparing for next year’s
election by trying to defuse discontent among farmers.
suspended 30 inland grain loading port’s licenses due to
violating phytosanitary rules. The ports were in two of Russia’s
top grain exporting regions. The suspensions could last up to 90
days.
Australia suffered the country’s driest September on
record this year. There is rain in the forecast this week for
the eastern portion of the country but it will offer little
relief to the ongoing drought. Extended forecasts are showing
little if any precipitation for the majority of the country.
