Glacier FarmMedia — Canola futures on the Intercontinental Exchange on Monday were lower in the nearby contracts and higher in the deferreds.
Chicago soyoil, European rapeseed and Malaysian palm oil were up. However, crude oil was down due to slow economic growth from China and oversupply concerns.
An analyst was surprised that January canola was holding its own after expecting declines, observing that the oilseed’s prices don’t seem to want to move much higher. He attributed the trade’s reduced activity to a lack of United States data stemming from the federal government’s shutdown.
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ICE Midday: Canola steady to higher
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were steady to higher at midday Monday, with the largest gains…
At mid-afternoon, the Canadian dollar was steady compared to Friday’s close.
There were 57,982 canola contracts traded on Monday, compared to Friday when 59,283 contracts changed hands. Spreading accounted for 46,800 of the contracts traded.
SOYBEAN futures on the Chicago Board of Trade on Monday had their biggest one-day gain since Sept. 12 as the November contract reached its highest point since Sept. 19.
United States President Donald Trump confirmed last weekend he will meet with Chinese President Xi Jinping in South Korea on Oct. 31 where China’s refusal to buy U.S. soybeans will be one of the topics of discussion. China did not purchase U.S. soybeans in September for the first time in seven years.
The U.S. Department of Agriculture reported soybean export shipments totaled 1.474 million tonnes during the week ended Oct. 16, 44.9 per cent above the previous week but 42.9 per cent below a year ago. So far this marketing year, 5.537 million tonnes were shipped, 30.9 per cent less than the same period last year.
AgRural reported that 24 per cent of Brazil’s soybean crop was planted as of Oct. 16, six points ahead of last year’s pace.
The December CORN contract was higher for a fifth straight session; it gained less than one cent per bushel.
The USDA reported 1.317 million tonnes of corn were exported, 8.9 per cent more than the previous week and up 31.6 per cent from last year. The marketing year total was 9.338 million tonnes, 60.6 per cent more than the previous year.
Farm Journal projected the U.S. corn yield at 178.5 bushels per acre, well below the USDA’s September estimate of 186.7 bu./ac. In Farm Journal’s survey of growers, more than 70 per cent of respondents reported steady or lower corn yields in Ohio, Indiana, Illinois, Iowa, Minnesota, Nebraska and South Dakota.
The Mississippi River in Memphis was reported to be 8.8 feet below normal on Oct. 18, with the U.S. Army Corps of Engineers expecting it to drop to 9.5 ft. below normal on Nov. 1. This would reduce the number of barges on the river and raise freight costs.
Chicago soft WHEAT was higher, while Kansas City soft red was down and Minneapolis spring was unchanged on Monday.
Export inspections of U.S. wheat were 480,614 tonnes, an increase of 7.4 per cent from the week before and 77.6 per cent above the same week last year. Marketing year shipments were 20.4 per cent higher than at the same week last year at 11.19 million tonnes.
Parts of Kansas and the eastern half of Oklahoma are expected to receive 25 to 75 millimetres of rain in the next week.
Algeria bought 400,000 tonnes of durum wheat in an international tender last week, with approximately 310,000 coming from Canada and the rest from the U.S. The country also tendered for 50,000 tonnes of soft wheat with a Wednesday deadline for offers.
