North American Grain and Oilseed Review

By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Monday, gaining strength from the soy complex on the Chicago Board of Trade and a weakening Canadian dollar.
The Canadian dollar hovered just over 76 U.S. cents on Monday afternoon, providing moderate support to canola values. The dollar has dropped by over half a cent over the past seven days.
However, according to one trader, canola deliveries throughout the Prairies have put pressure on prices.
Manitoba’s canola harvest is nearly complete, and what’s left on the fields may stay there until spring. Saskatchewan and Alberta are further behind in harvest progress.

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On Monday, 21,279 contracts were traded, which compares with Friday when 21,109 contracts changed hands. Spreading accounted for 11,314 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Monday.
Soybean futures gleaned spillover support from Malaysian palm oil futures, which have reached their highest levels since March 2018 due to tight supplies and strong demand.
Confidence in an upcoming trade deal between the United States and China also supported soybean prices.
One private company revised their soybean crop production estimate to 3.593 billion bushels, down from an initial estimate of 3.648 billion bushels. That company also lowered yield estimates from 48.1 bushels per acre to 47.5 bushels per acre.
CORN futures were lower today, following reports of continually muted demand. In September, 406.5 million bushels of corn were used to make ethanol. That’s a drop of 9.5 per cent when compared to the same period last year.

WHEAT futures were lower on Monday due to competitive global prices. Australia’s drought has temporarily improved, easing production volume concerns.
Last week, around 293,360 tonnes of wheat were inspected for export. So far, this year’s export inspections were 1.975 million tonnes above last market year’s inspections. Year to date, wheat exports have totaled over 10 million tonnes.
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