WINNIPEG, Sept. 27 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Friday, following trends set earlier in the week.
Challenging harvest conditions and delayed progress have yet to provide a boost to canola prices. One trader said the weather across Western Canada is almost the worst he has ever seen.
However, with snow in the forecast for some regions this weekend, and a chance of frost across the Prairies, a weather premium could return to markets in weeks to come.
On Friday, 20,613 contracts were traded, which compares with Thursday when 15,616 contracts changed hands. Spreading accounted for 11,316 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were mostly lower on Friday, despite slowly returning demand from China.
Earlier today, the United States Department of Agriculture (USDA) reported a private export sale of approximately 126,000 tonnes of soybeans for delivery to China. That brings the weekly total, for soybeans purchased by China, to around 964,000 tonnes, or 35.4 million bushels.
Weather forecasts are predicting overnight frost in key U.S. growing areas, which could provide a weather premium to soybeans and corn.
CORN futures were slightly lower today, due to continually quiet demand, since small U.S. oil refineries are still exempt from blending ethanol into their product.
Producers are waiting for a biofuels package to be approved, but there is currently no timeline for such an event.
WHEAT futures were stronger on Friday, due to forecasts of snow over the weekend in key growing regions of both the U.S. and Canada.
The USDA reported approximately 87 per cent of the spring wheat crop has been harvested, which is well behind the five-year average. The durum harvest continues to be hampered by wet conditions across key growing regions. Approximately 73 per cent of the durum crop in North Dakota has been harvested, along with about 50 per cent in Montana.
The USDA has announced that some producers, who received prevented plant payments, will also receive additional funds, as a part of the Supplemental Disaster Bill.
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