By Phil Franz-Warkentin, MarketsFarm
Winnipeg, Oct. 3 (MarketsFarm) – ICE Futures canola contracts moved up for the fourth-straight session on Tuesday, breaking above major chart resistance as persistent Prairie weather concerns kept farmer selling on the sidelines and encouraged speculative short-covering.
A rally in Chicago Board of Trade soyoil was also supportive, although soybeans settled with small losses.
Large old crop supplies and a lack of aggressive end user demand also put some pressure on values.
About 38,689 canola contracts traded on Thursday, which compares with Wednesday when 32,730 contracts changed hands. Spreading accounted for 28,538 of the contracts traded.
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SOYBEANS traded to both sides of unchanged at the Chicago Board of Trade on Thursday, but settled with small losses as traders continued to take profits on recent gains.
The United States Department of Agriculture reported weekly U.S. soybean export sales of just over 2 million tonnes, which beat pre-report trade expectations. China was a noted buyer, accounting for roughly three-quarters of the business.
The USDA also reported an additional private export sale of 252,000 tonnes to China this morning.
The Chinese demand comes ahead of upcoming trade talks between the two countries later this month.
While beans were down, soyoil rallied on tight stocks and expectations for adjustments to U.S. biofuel blending regulations.
CORN held near unchanged, with the bias slightly higher at the close.
Weekly U.S. corn export sales came in at 562,600 tonnes, which was at the lower end of trade estimates.
Meanwhile, Brazil exported 6.5 million tonnes of corn in September, according to data out of the country. That was roughly double what moved during the same month a year.
WHEAT futures were narrowly mixed on Thursday, seeing some consolidation in thin and choppy activity.
Weekly US export sales of 328,500 tonnes were in line with trade expectations. An additional private sale of 130,000 tonnes of white wheat to China was also announced this morning.
While concerns over the quality of the North American spring wheat crop were somewhat supportive, the Minneapolis futures have outpaced the winter wheats to the upside lately and were pressured by a readjustment of the spreads.
