By Marlo Glass, MarketFarm
WINNIPEG, May 15 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Friday, as traders positioned ahead of the long weekend. Markets will be closed on Monday for Victoria Day.
Warm weather forecast for the long weekend will help producers with planting and harvesting activity, which will keep a lid on further gains for canola.
Chicago’s soy complex was higher on the day, which contributed to some strength in canola prices.
Relative weakness in the Canadian dollar was supportive of canola prices. The dollar was just under 71 U.S.cents at midday.
Read Also
North American Grain and Oilseed Review: Canola falls hard
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned weaker on Wednesday, despite support from…
On Friday, 11,170 contracts were traded, which compares with Thursday when 12,182 contracts changed hands. Spreading accounted for 5,910 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger, bouncing back from losses incurred earlier in the week.
According to the National Oilseed Processors Association (NOPA), crushers in the United States processed over 171 million bushels of soybeans during April. That’s over a million bushels higher than estimates, and a record high for the month of April. Soy oil stocks were also higher than estimated, totalling over 2.1 billion pounds.
Argentina’s Buenos Aires Grain Exchange reported the country’s soybean harvest was almost 88 per cent complete as of May 14.
CORN futures were slightly stronger today. As economies slowly start to re-open, ethanol demand is expected to increase again.
Rain in key corn-growing regions of the U.S. are forecast to alleviate dry conditions.
Argentina’s corn crop is 40 per cent harvested, and is expected to total 50 million tonnes.
WHEAT futures were mixed on Friday.
According to FranceAgriMer, an agriculture consultancy company, France’s wheat crops are rated as 55 per cent good to excellent, with is 2 percentage points lower than last week. The firm also estimated French wheat exports outside of the European Union will total 13.3 million tonnes, which is a 38 per cent increase from last year.
India has reportedly produced a record-setting 106 million tonnes of wheat, but the country is struggling to market the crop as COVID-19 lockdowns have impacted wholesale food markets.
END
