By Ashley Robinson, Commodity News Service Canada
Winnipeg, Nov. 15 (CNS Canada) – The ICE Futures canola platform finished the day weaker, following the lead of soyoil contracts.
Chicago Board of Trade (CBOT) soybean and meal contracts were stronger at market close, while soyoil contracts were weaker. United States President Donald Trump announced Friday that China wants to make a deal on trade and the U.S. may not need to impose further tariffs. This pushed soybeans higher after being weaker earlier in the day.
There is still concern about the size and quality of the Canadian canola crop which is underpinning prices.
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The Canadian dollar was stronger at the canola market close, which weighed on canola contracts.
About 12,704 canola contracts traded, which compares with Thursday when 13,938 contracts changed hands. Spreading accounted for 3,714 of the contracts traded.
U.S. Department of Agriculture (USDA) soybean export sales were at 17.3 million bushels last week, which was up from the previous week’s 14.4 million bushels but still below trade estimates. Soybean export shipments however fared much better at a marketing-year high of 49.9 million bushels, with top destinations being to unknown destinations, Mexico, the European Union and Argentina.
There was also a flash sale of 3.7 million bushels of soybeans to unknown destinations announced.
CBOT corn prices closed in the red.
USDA corn exports last week were at 35.1 million bushels for old crop sales and 100,000 bushels for new crop sales, for 35.2 million bushels of sales in total. This was slightly ahead of last week’s totals and was in-line with analysts’ expectations. Corn export shipments were at 43.8 million bushels last week.
There were multiple new cases of the African Swine Flu reported in China. In Jilin province, in the north-eastern part of China, the first case of swine virus has been found in a wild boar. New infected hogs in the Sichuan province, located in the west-central part of China, were also discovered. There was also a third case reported in the southern part of China, in the Yunnan province.
Wheat futures in the U.S. finished the day mixed.
USDA wheat export sales were at 16.1 million bushels last week, which was down quite a bit from the previous week. Wheat export shipments were at 9.7 million bushels, which is a marketing-year low.
In Canada, according to the latest Canadian Grain Commission data, producer wheat deliveries were up this week compared to the previous week at 407,600 tonnes. Exports were also up at 453,400 tonnes.
