By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 4 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Thursday, after volatile session. The March contract had been lower for most of the day and the May contract bounced between both sides of steady.
Statistics Canada is scheduled on Friday to release its grains stocks report as of Dec. 31. Average trade guess put canola stocks at 12.30 million tonnes, compared to 15.9 million at the end of December 2019. Wheat is projected to be 25.40 million tonnes as opposed to 25.85 million the previous Dec. 31.
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By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures climbed higher on Tuesday, getting a boost…
Gains in Chicago soyoil, European rapeseed and Malaysian palm oil provided support.
At mid-afternoon the Canadian dollar was down almost a third of a cent. The loonie was at 77.94 U.S. cents after closing Wednesday at 78.23.
There were 27,257 contracts traded on Thursday, which compares with Wednesday when 41,711 contracts changed hands. Spreading accounted for 14,362 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Mar 695.70 up 0.60
May 677.00 up 0.60
Jul 658.50 up 6.60
Nov 561.20 up 10.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were slightly higher on Thursday, due to improved export sales.
The United States Department of Agriculture (USDA) issued its weekly export sales report for the week ended Jan. 28. Soybean export sales amounted to 824,000 tonnes of old crop, which was up 77 per cent from the previous week. There were also sales of 633,400 tonnes of new crop soybeans. Soymeal sales came to 301,100 tonnes of old crop and 45,000 tonnes of new crop. Those for soyoil totaled 10,500 tonnes, for a 45 per cent drop from the previous week.
The USDA will release its next supply and demand estimates on Tuesday. Expectations are for the department to further reduce already tight ending stocks of soybeans from 3.8 million tonnes to 3.35 million.
Rain continued to come down in parts of Brazil with Rio Grande Del Sol getting 0.5 to 1.5 inches. The forecast has called for two to four inches for parts of Minas Gerais, Goias and Mato Grasso, with more to follow over the next six to 10 days.
CORN futures were slightly lower on Thursday, due to a stronger U.S. dollar.
On the U.S. Dollar Index the greenback was up 0.387 at 91.535 points as it continued to remain above 91 points.
Export sales of corn hit a marketing year high at approximately 7.44 million tonnes of old crop. Sales of new crop came to 83,800 tonnes.
There are indications of lower corn ending stocks, with 35.3 million tonnes expected compared to the 39.4 million in January.
WHEAT futures were lower on Thursday, also due to the strength in the U.S. dollar.
The USDA reported wheat export sales amounted to 643,100 tonnes of old crop, which was a 69 per cent jump from the previous week. New crop sales were 93,500 tonnes.
Wheat ending stocks are expected to slip next week from 22.75 million tonnes a month ago to 22.7 million.
A storm front bringing colder temperatures is to stretch across parts of Minnesota, Wisconsin, South Dakota, Nebraska, Iowa, Kansas and Colorado. However, the front is not expected to pose a danger to winter crops.
