North American Grain/Oilseed Review: Canola ends steady to higher
By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – The ICE Futures canola market was steady to higher at Tuesday’s close, as the market ‘played catch-up’ with the Chicago Board of Trade soy complex.
Soybeans and soyoil both posted solid gains on Monday when the canola market was closed for the Victoria Day long weekend. While the soy complex took back some of those gains on Tuesday, prices were still higher overall from Friday’s close.
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Relatively favourable weather conditions were reportedly allowing farmers to make good seeding progress in Manitoba and Saskatchewan. However, rainfall in Alberta could lead to delays, keeping some of the weather premium in the market.
About 15,335 canola contracts traded on Tuesday, which compares with Friday when 11,170 contracts changed hands. Spreading accounted for 9,178 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, taking back some of Monday’s gains.
The United States soybean crop was 53 per cent seeded as of this past Sunday, according to the weekly U.S. Department of Agriculture crop report. That was well ahead of the five-year average of 38 per cent done.
Emergence was 6 points ahead of average, at 18 per cent.
U.S. soybean export inspections in the latest weekly report of about 350,000 tonnes were down on both the week and the year. While China has made some purchases recently, more business is being diverted to South America.
CORN futures were firmer on Tuesday, amid ideas that easing COVID-19 restrictions would lead to an increased demand for ethanol in the U.S.
Corn seeding in the country was 80 per cent complete as of this past Sunday, with emergence at 43 per cent. Both were slightly ahead of average, but off pre-report expectations.
WHEAT futures were mixed, with gains in Minneapolis spring wheat and Chicago soft wheat, but losses in Kansas City hard red winter wheat.
U.S. winter wheat lost one point in its good-to-excellent rating
in the latest weekly report, with 52 per cent of the crop now in the top two categories.
Spring wheat acres in the U.S. were 60 per cent seeded. That was up on the week, but still well off the 80 per cent average for this time of year.
