By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Wednesday, recovering from losses earlier in the week.
Advances in comparable vegetable oils were supportive of canola, as nearby Chicago soyoil contracts were up by over half of a cent on the day. Reports of record-setting soybean shipments in September also supported the soy complex.
Strength in the Canadian dollar also kept a lid on further gains, as the dollar was over 76 U.S. cents at midday due to comparable weakness in the United States Dollar Index.
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On Wednesday, 20,494 contracts were traded, which compares with Tuesday when 24,922 contracts changed hands. Spreading accounted for 10,954 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Wednesday. Market activity was overshadowed by the uncertain United States presidential race, as a number of states remain too close to call between President Trump and Democratic challenger Joe Biden.
Official export data confirmed September shipments were a record for the month, with 7.78 million tonnes shipped. That was boosted by record-setting shipments to China, which totalled 5.07 million tonnes or 65 per cent of the total.
September soymeal exports were also a record for the month, with 960,000 tonnes exported. The official total for the marketing year is just over 14 million tons, or about 1.27 per cent above the USDA’s forecast.
For soyoil, official September shipments were about 82,000 tonnes, which is a five-year high. Thant brings the marketing year total to 2.839 million pounds, compared to USDA’s 2.8 million forecast.
CORN futures were also weaker today.
Data from the Energy Information Administration (EIA) showed average daily ethanol production was 961,000 barrels last week. That was 20 thousand barrels per day higher than the prior week’s production. Ethanol stocks increased 74,000 barrels to total 19.675 million.
Recent export data showed approximately 3.8 million tonnes of corn was shipped in September. Over a quarter of all the September corn exports were made to China.
WHEAT futures were mixed on Wednesday, with losses observed in Chicago soft winter wheat due to large worldwide supplies.
Monthly export data showed 2.685 million tonnes of wheat was shipped in September. That was up by five per cent from the previous month, and about 25 per cent higher than the same month last year.
