Glacier FarmMedia — ICE canola futures were stronger on Wednesday, taking back Tuesday’s losses as the market continued to consolidate above the five-month lows hit last week.
Chicago soyoil was also higher, providing some spillover support for the Canadian oilseed. European rapeseed was up on the day as well, but soybeans and Malaysian palm oil were lower.
While tight old crop supplies remained supportive, the new crop harvest is progressing rapidly amid relatively favourable weather conditions.
There were 38,976 contracts traded on Wednesday, which compares with Tuesday, when 44,742 contracts changed hands. Spreading accounted for 21,206 of the contracts traded.
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SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, with positioning ahead of Friday’s monthly supply/demand estimates from the United States Department of Agriculture a feature.
Average pre-report projections ahead of Friday’s USDA report call for small cuts to soybean yields and production from the August estimates. However, the crop should still be very large.
Chinese demand for U.S. soybeans continues to be lacking, with that buying interest shifting to South America instead amid the ongoing trade dispute. Weekly U.S. soybean export sales of just over half a million tonnes were at the low end of trade estimates.
CORN was also underpinned by pre-report positioning, with most trade participants expecting a downward revision to a still record-large U.S. corn crop from the USDA.
Weekly U.S. corn export sales came in below the low end of trade expectations at about 540,000 tonnes.
WHEAT futures managed to post small gains, despite large global crops and poor demand for U.S. supplies.
Weekly U.S. wheat export sales of just over 300,000 tonnes were at the low end of trade expectations.
Friday’s USDA data is only expected to include minor revisions to the wheat numbers.
