WINNIPEG, Sept. 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were slightly stronger on Tuesday, as delayed harvest activity provided support to the market.
Cold, rainy weather, with the potential for snow in some areas of the Prairies, has significantly delayed harvest progress. Approximately one third of the canola crop is currently harvested.
Soybeans on the Chicago Board of Trade received a boost due to positive trade sentiments between the United States and China. Approximately 600,000 tonnes of soybeans were reportedly purchased by China on Monday. Trade negotiations will continue in weeks to come.
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By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, in gleaning support…
On Tuesday, 29,875 contracts were traded, which compares with Monday when 18,876 contracts changed hands. Spreading accounted for 11,254 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) held on to gains on Monday, due mostly to a positive trade outlook between the United States and China. Trade talks will re-start in the coming weeks. A sale of approximately 600,000 tonnes of soybeans was reported on Monday.
South Korea has reported more cases of African Swine fever, located close to the North Korean border. The disease, which poses no threat to humans, is highly contagious amongst hog populations. The disease has no cure or vaccine and poses a significant threat to global soybean demand.
Soybean crop conditions are rated as 54 per cent good to excellent, which is the same rating as last week.
CORN futures were slightly stronger today. Export demand remains lower than average, but a private export sale of 200,000 tonnes of corn was reported for delivery to Mexico.
Corn crop conditions are 57 per cent good to excellent, which is an increase of two percentage points from last week. Approximately 29 per cent of the corn crop is in the mature stage, which is significantly lower than the 57 per cent typically observed at this time of year.
The corn harvest is about seven per cent complete, which is behind the four-year average of 11 per cent. However, weather in the Corn Belt is ideal for late-developing corn and soybean crops.
WHEAT futures were mixed on Tuesday. Bids were down in Chicago and Kansas City, but up in Minneapolis, as forecasted rain in key growing regions has significantly delayed the spring wheat harvest.
The winter wheat harvest also continues to lag behind schedule due to challenging wet weather conditions. The crop is 87 per cent harvested, which is below the four-year average of 97 percent.
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