By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 1 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Monday, gleaning support from increases in Chicago soyoil.
As well, ongoing concerns about low canola ending stocks provided support.
On Friday, Statistics Canada is schedule to release its report on grains as of Dec. 31.
At mid-afternoon the Canadian dollar slipped under 78 U.S. cents, The loonie was at 77.95 after closing Friday at 78.25.
There were 22,274 contracts traded on Monday, which compares with Friday when 24,044 contracts changed hands. Spreading accounted for 14,334 contracts traded.
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Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Mar 725.50 up 23.90
May 678.80 up 9.50
Jul 649.90 up 5.20
Nov 557.40 up 2.10
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Monday, due to profit-taking as well as precipitation.
Brazil received rain during the weekend as its soybean harvest slowly progresses. AgRural estimated that nearly two per cent of the crop has been combined. This time last year, about nine per cent of the crop was harvested.
The United States Southern Plains and central Corn Belt also received significant precipitation over the weekend. The newfound moisture should help alleviate the dry conditions in those regions. However, the Northern Plains remain dry.
The U.S. Department of Agriculture issued its weekly export inspections report, with over 1.79 million tonnes of soybeans that were shipped as of Jan. 28. Year to date exports now stand at more than 47.25 million tonnes, about 77 per cent ahead of this time last year.
The USDA reported a private sale of 133,000 tonnes of soymeal to the Philippines with delivery during the current marketing year.
CORN futures were slightly higher on Monday, due to strong exports proving to be an effective counter to profit-taking.
Corn export inspections for the week came to 1.1 million tonnes. Year to date shipments are now 19.86 million tonnes, almost 84 per cent ahead of this point in 2019/20.
The USDA reported two private sales of corn, with one for 125,730 tonnes to Mexico and 110,000 tonnes to Japan. Delivery for both is to be during the current marketing year.
WHEAT futures were weaker on Monday, because of profit-taking.
Export inspections of U.S. wheat were almost 397,000 tonnes. Year to date shipments are nearly 16.55 million tonnes, about 0.6 per cent behind those this time last year.
A report said moisture levels in Kansas and Oklahoma are set for a potentially good crop in 2021. However, dry conditions persist in the Northern Plains.
SovEcon raised its 2020/21 wheat export projections for Russia by 4.4 per cent at 37.9 million tonnes. The consultancy cited increased movement of wheat ahead of the higher export tax that takes effect on March 1. There has been speculation that the Russian government could increase the tax to 70 per cent as of June 1.
