By Marlo Glass, MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished higher on Tuesday, recovering significant losses incurred on Monday.
After oil prices plummeted by 30 per cent on Monday, world leaders are planning to announce new economic growth policies. United States President Donald Trump has mentioned “major steps” to safeguard the economy, but no concrete details have been announced. This morning, Japan announced a stimulus package totaling US$4 billion.
The Canadian dollar dipped below 73 U.S. cents on Tuesday for the first time in several years, which is partially responsible for rebounding canola values.
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On Monday, 25,698 contracts were traded, which compares with Monday when 21,131 contracts changed hands. Spreading accounted for 19,064 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) finished higher on Tuesday, regaining some of the considerable ground that was lost on Monday.
The February World Agriculture Supply Demand Estimates (WASDE) was released from the United States Department of Agriculture (USDA), and kept U.S. soybean production unchanged from last month’s report.
However, world soybean ending stocks increased by 3 million tonnes, due to rising South American output.
This morning, the USDA announced a sale of 123,000 tonnes of soybeans, purchased by unknown destinations.
CORN futures were stronger on Tuesday. The WASDE also kept U.S. corn production unchanged, along with Brazilian and Argentinian corn production.
U.S. corn ending stocks were unchanged at 1.892 billion bushels.
WHEAT futures were mostly higher on Tuesday, with Minneapolis spring wheat posting modest losses.
World wheat ending stocks were estimated at 287.14 million tonnes, which was slightly below pre-report estimates.
The WASDE also estimated U.S. wheat carryout at 940 million bushels, which was unchanged from February’s report.
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