By Marlo Glass, MarketsFarm
WINNIPEG, Feb. 18 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts ended higher on Tuesday, recovering after last week’s losses.
Canola’s considerable weakness was due to market concerns of protestors and rail blockades disrupting shipping activity. The canola market has since recovered some of those losses.
Relative weakness for soyoil on the Chicago Board of Trade kept a lid on canola prices.
On Tuesday, 55,330 contracts were traded, which compares with Friday when 39,222 contracts changed hands. Spreading accounted for 34,970 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) finished lower on Tuesday, as some market participants have taken to the sidelines due to uncertainty regarding future demand from China.
Phase One of a trade agreement between the United States and China has officially come into effect, and China will start granting tariff exemptions on U.S. goods, including soybeans, as of March 2.
According to the export sales report from the United States Department of Agriculture (USDA), soybean exports were 55 per cent higher week over week, totalling just under 1 million tonnes. Last week’s soybean exports were lower than the same week last year by about 8 per cent.
National Oilseed Processors Association (NOPA) crushers used about 177 million bushels of soybeans in January, which is a 1.2 per cent increase from December.
Soybean oil stocks were just over 2 billion pounds in January. That is a 14 per cent increase over December, and a 30 per cent increase year over year.
CORN futures were stronger today. Many traders are rolling March positions into May before the end of the month.
The weekly export inspection report from the USDA showed corn exports totaled approximately 795,000 tonnes last week. That’s slightly lower when compared to the same week last year.
Accumulated corn exports for the marketing year total 485 million bushels, which is slower than last year’s pace by about 50 per cent.
WHEAT futures were higher on Tuesday.
Last week, about 502,000 tonnes of wheat were inspected for export, which is slightly lower than the previous week but 38 per cent higher when compared to the same week last year.
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