By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 12 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Thursday gleaning spillover support from a strong soybean complex on the Chicago Board of Trade.
Gains were observed in the canola market despite the most recent report from Statistics Canada, which estimated a larger canola output than originally expected.
The report pegged canola production at 19.358 million tonnes, which was up by about 900,000 tonnes from estimates in August.
World Agriculture Supply Demand Estimates (WASDE) released today by the United States Department of Agriculture (WASDE) were supportive of soybean prices.
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The USDA expects yields to be around 47.9 bushels per acre, down from the 48.5 bushels per acre estimated in August.
On Thursday, 28,025 contracts were traded, which compares with Wednesday when 14,394 contracts changed hands. Spreading accounted for 20,428 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) made significant gains on Thursday, following a supportive World Agriculture Supply Demand Estimate (WASDE) report from the United States Department of Agriculture (WASDE).
The report estimated soybean output to be around 3.63 billion bushels, which is lower than the August estimate of 3.68 billion bushels.
The USDA expects yields to be around 47.9 bushels per acre, down from the 48.5 bushels per acre estimated in August.
Net soybean sales totalled 1.172 million tonnes last week, purchased mainly by Mexico. Soybean export sales were down 17 per cent from the previous week, at 56.350 million tonnes.
Soybean values were also supported by a positive trade sentiment between the U.S. and China. Trade talks are expected to resume in October.
Ending soybean stocks are expected to be around 640 and 755 million metric tonnes.
CORN futures were stronger on Thursday, thanks to spillover support from soybeans. Corn production is estimated to be around 13.799 billion bushels, which is larger than the average trade sentiment of 13.5 billion bushels.
Expected yields for the corn crop are around 168.2 bushels per acre, which is lower than the August estimate of 169.5 bushels per acre.
Ending corn stocks are expected to be between 2.181 and 2.190 million bushels
WHEAT futures were stronger on Thursday; yield estimates stayed the same from previous reports.
Last week, wheat exports were down by 28 per cent when compared to the previous week, at 404,000 tonnes for new crop.
Ending wheat stocks are expected to be around 1.014 million bushels.
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