WINNIPEG, July 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Wednesday.
Strength in the Canadian dollar has kept pressure on canola prices. The dollar was around 74.5 United States cents at midday.
The canola crop is in good shape across the Prairies, with 74 per cent of the crop rated good to excellent. Strong yields are expected, which is also keeping prices lower.
Relative weakness in comparable vegetable oils was another negative influence for canola prices today.
Nearby Chicago soyoil contracts lost more than a tenth of a cent.
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On Wednesday, 18,905 contracts were traded, which compares with Tuesday when 25,933 contracts changed hands. Spreading accounted for 8,668 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Tuesday.
This morning, the United States Department of Agriculture (USDA) announced a sale of 715,000 tonnes of soybeans, purchased by China.
The USDA also announced a sale of 211,000 tonnes of soybeans, for delivery to unknown destinations.
CORN futures were stronger on Wednesday.
Ethanol production data from the Energy Information Administration (EIA) showed a 23,000 barrel per day drop in production last week. That marks the first decline in average daily production since plants started reopening in the spring.
Ethanol production averaged 908,000 barrels per day last week, and stocks fell to total 19.8 million barrels.
WHEAT futures were lower today due to seasonal harvest pressure.
This morning, the USDA announced Taiwan has purchased 98,000 tonnes of wheat from the U.S.
Egypt has purchased 115 thousand tonnes of wheat from Ukraine.
