WINNIPEG, Oct. 18 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Friday, remaining pressured by harvest progress and a spate of commercial canola deliveries.
According to data from the Canadian Grain Commission, canola deliveries hit record-highs last week. Over 719,000 tonnes of canola were delivered across the Prairies.
With blue skies in the forecast, producers will be able to make considerable harvest progress this weekend.
Manitoba’s canola harvest is 80 per cent complete, along with 58 per cent of Saskatchewan’s canola crop.
Canola remains competitively priced on global markets, as the soy complex on the Chicago Board of Trade, European rapeseed and Malaysian palm oil all showed strength on Friday.
A comparatively stronger Canadian dollar also put pressure on canola values. The dollar remained just over 76.14 U.S. cents on Friday.
On Friday, 29,835 contracts were traded, which compares with Thursday when 37,436 contracts changed hands. Spreading accounted for 25,440 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Friday, amid positive trade sentiments between the United States and China.
Last week, China bought over 850,000 tonnes of U.S. soybeans. In total, 1.7 million tonnes of soybeans were sold. That was in line with trade expectations, but 13 per cent lower than sales made in the week prior. Sales were made primarily to China, Egypt, and other unknown destinations.
About 153,000 tonnes of soybean meal and about 4,000 tonnes of soy oil were sold, which was also in line with trade expectations.
CORN futures were slightly lower today, due to continually quiet demand. Corn export sales totalled around 368,000 tonnes last week, which is up by 30 per cent from the previous week, but 48 per cent lower than the four-week average. Sales were made mainly to Japan, Colombia, and Mexico.
On the year, corn export sales are about 64 per cent lower than they were at this time last year.
WHEAT futures were mixed on Friday, finding support from snow in the northern Plains which may have flattened crops.
Export sales last week were around 395,000 tonnes, which was in line with trade expectations but 24 per cent lower from the previous week. Hard red wheat accounted for about 42 per cent of export sales, and Minneapolis spring wheat made up about 37 per cent.
Futures Prices as of October 18, 2019
Prices are in Canadian dollars per metric ton