WINNIPEG, Nov. 5 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Thursday, along with increases in vegetable oils.
Nearby Chicago soyoil contracts were up by over a penny per pound on the day, spurred by high global demand for soyoil. Increases in Malaysian palm oil and European rapeseed were also supportive.
Advances in the Canadian dollar kept a lid on canola prices, as the loonie was about 76.6 U.S cents.
One Winnipeg-based trader cited an uptick in farmer selling as limiting further gains for canola.
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On Thursday, 27,387 contracts were traded, which compares with Wednesday when 20,494 contracts changed hands. Spreading accounted for 16,198 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Thursday, hitting contract highs due to strong export demand.
In the weekly export sales report from the United States Department of Agriculture (USDA), soybean exports totalled 2.53 million tonnes. That brings marketing year-to-date shipments to 16.65 million bushels.
Soymeal sales were reported at 331,000 tonnes, up 66 per cent from the previous week and 26 per cent from the same week last year, while soyoil sales totalled just over 6,000 tonnes.
This morning, the USDA announced a sale of 33,000 tonnes of soyoil purchased by India.
Dryness in key soybean regions in South America also contributed to the support for soybean prices.
CORN futures were also stronger today.
The weekly export sales report showed corn shipments were even last week, totalling 729,000 tonnes. Accumulated corn exports for the year currently total 6.85 million tonnes.
This morning, the USDA announced a sale of 106,000 tonnes of sorghum, purchased by China.
WHEAT futures were higher on Thursday, though improving weather in Ukraine could be seen as a limiting factor for prices.
Export Sales report showed just over 597,000 tonnes of wheat was sold last week. That was in line with expectations, and up 65% from the same week last year.
