By Marlo Glass, MarketFarm
WINNIPEG, May 14 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were on either side of unchanged on Thursday, following pricing trends from the previous trading session.
Chicago’s soy complex rebounded from considerable losses the day before, which contributed to some strength in canola prices.
Relative weakness in the Canadian dollar was supportive of canola prices. The dollar was just over 71 U.S.cents at midday.
On Thursday, 12,182 contracts were traded, which compares with Wednesday when 18,293 contracts changed hands. Spreading accounted for 6,432 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Thursday despite strong export data.
This morning, the United States Department of Agriculture (USDA) reported a sale of 198,000 tonnes of soybeans and 20,000 tonnes of soyoil, purchased by China.
Last week, old crop soybean export sales totalled just over 655,000 tonnes, which was on the lower end of trade expectations. There were an additional 400,000 tonnes of new crop soybean exports. Soybean cake and meal sales totalled 101,000 tonnes, which was also on the lower end of trade expectations. Soy oil sales were 6,700 tonnes last week.
The USDA has projected soybean exports to China to total 3.527 billion bushels. If this comes true, it would set the record for the largest amount of soybeans imported in a single marketing year.
CORN futures were weaker today.
Last week, export sales totalled just over one million tonnes for delivery during the current marketing year, which was in line with market expectations. There was also 500,000 tonnes worth of export sales for new crop corn.
According to data from the Energy Information Administration, ethanol stocks were lower by 1.42 million barrels on the week which is the second-largest weekly drop on record.
WHEAT futures were lower on Thursday.
Last week, export sales totalled just over 203,000 tonnes for delivery during the current marketing year, and an additional 150,000 tonnes of 2020/2021 business.
Key growing areas for winter wheat in the U.S. are forecast to receive moderate to heavy rains this weekend.
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