By Marlo Glass, MarketFarm
WINNIPEG, April 2 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Thursday, following pricing trends set in the previous trading session.
Chicago soyoil regained some of the considerable ground lost yesterday, providing some support to canola values.
Spreading activity also kept prices afloat, as traders sold oil and bought canola.
A weaker tone to the Canadian dollar was supportive of canola values. The dollar was at 70.3 cents at midday.
On Thursday, 19,641 contracts were traded, which compares with Wednesday when 15,451 contracts changed hands. Spreading accounted for 14,052 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were mixed on Thursday, with soybeans and meal showing weakness while soyoil regained ground from yesterday’s trading session.
During the week ended March 26, export sales for soybeans totalled approximately 957,000. That’s 75 per cent higher than the prior four-week average. Soybean cake and meal exports totalled 125,000 tones, which was 50 per cent lower than the previous week. Soyoil sales were around 67,00 tonnes, which was a high for the marketing year.
Market expectations for soybeans crushed in February range from 175 to 179 million bushels, which would be the largest February crush on record.
CORN futures were weaker on Thursday, following low export demand.
WHEAT futures were also lower on Thursday, following trends to the downside from yesterday’s trading session.
Last week, wheat export sales totalled just under 73,000 tonnes, which was a marketing-year low. That’s also down by 90 per cent from the previous week, and 86 per cent lower than the prior 4-week average.
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