By Marlo Glass, MarketFarm
WINNIPEG, April 3 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Friday, amid light trading volumes.
Cold temperatures and spring snowstorms in eastern Saskatchewan and western Manitoba have slowed farmer selling, which is partially to blame for the quiet market activity.
A lower tone for Chicago soy was also a negative influence on canola prices.
Relative strength in the Canadian dollar kept pressure on values. The dollar was at 70.8 cents at midday.
On Friday, 13,771 contracts were traded, which compares with Thursday when 19,641 contracts changed hands. Spreading accounted for 8,636 contracts traded.
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Soybean exports for the month of February totalled just over 101 million bushels, which was lower than the month prior but 10 per cent higher year-over-year.
One private firm lowered its forecast for Argentina’s soybeans to total 49.5 million tonnes, due to lower yields in certain growing regions. Brazil shipped 11.64 million tonnes of soybeans in March, which was 35 per cent higher compared to the same month last year. A private firm expects Brazil’s soybean crop to total 120 million tonnes, which is 4 million tonnes lower than last month’s estimates.
CORN futures were weaker on Friday.
This morning, the USDA announced a sale of 567,000 tonnes of corn, purchased by China. The lion’s share of that sale is scheduled for delivery in the 2020/2021 marketing year.
February corn exports totalled 154 million bushels. That’s a 57 per cent increase from the previous year. Marketing year to date exports totalled 619 million bushels as of February.
WHEAT futures were stronger on Friday, regaining some of the considerable ground lost earlier in the week.
In February, wheat exports totalled 80 million bushels, which was 17 per cent higher than the previous month but a bit lower when compared to the same month last year.
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