Glacier FarmMedia COVID-19 & the Farm

North American Grain/Oilseed Review

WINNIPEG, Oct. 16 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were slightly stronger on Friday, bouncing back after trading lower for most of the session.

Trade activity in front months was a feature in trading activity, as market participants position ahead of the November contract’s expiry.

Ample canola supplies in commercial pipelines kept pressure on prices. According to recent data from the Canadian Grain Commission (CGC), visible supplies are around 1.7 million tonnes.

Losses in comparable vegetable oils weighed on prices for most of the day. Nearby Chicago soyoil contracts were down by about a fifth of a cent.

Strength in the Canadian dollar was supportive of canola prices, as the dollar was around 75.8 U.S. cents at midday.

On Friday, 42,306 contracts were traded, which compares with Thursday when 36,222 contracts changed hands. Spreading accounted for 37,522 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Friday, despite reports of strong export demand.

This morning, the USDA announced a sale of 216,000 tonnes of soybeans, purchased by China. An additional sale of 175,000 tonnes of soybeans were also sold to unknown destinations.

This week’s export sales report from the USDA indicated more soybean exports than initially expected, with 2.63 million tonnes sold last week. China alone purchased 1.59 million tonnes, and of that, 48 per cent was previously announced.

Soybean shipments of 2.38 million tonnes brought the marketing year-to-date total to 9.018 million tonnes. That is 81 point ahead of last year’s pace.

Soy meal sales were reported at 152,000 tonnes, and soy oil bookings were at 1,300 tonnes. Both were on the lower end of market expectations.

CORN futures were also weaker today.

This morning, the USDA reported a large export sale of 128,000 tonnes of corn, purchased by Mexico.

Corn exports totalled 815,000 tonnes last week, bringing the marketing year-to-date total to 4.493 million tonnes. That is 70 percentage points above last year’s pace.

WHEAT futures were steady to higher on Friday.

The week’s wheat shipments totalled 507,000 tonnes, bringing the accumulated shipments to 9.997 million tonnes. Mexico accounted for about 43 per cent of the week’s bookings.

Hard red wheat has been the top exported variety, accounting for 41 per cent of all exports.

END

Commodity Future Prices

Canola
Price Change

Prices are in Canadian dollars per metric ton

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