The Good: Canadian wheat exports were strong in the week ending on June 30 with the total hitting 477,600 tonnes. This pushed crop year to date wheat exports to 20.44 million tonnes. Wheat exports were primarily from west coast terminals which accounted for 388,500 tonnes of the total. St Lawrence terminals shipped 74,000 of wheat during the past week while primary elevators shipped 15,100 tonnes. The good news is that wheat exports for the crop year to date are 1.017 million tonnes above last year at this time.
The Bad: Spring wheat futures dropped by 1.75 cents per bushel to settle at US$6.47 per bushel. Winter wheat contracts were down by five to seven cents per bushel on the day. The relatively strong performance of the spring wheat contract was positive news in today’s trading action. The bad news is that the nearby spring wheat contract did not continue the two day winning streak that pulled wheat contracts out of the recent contract lows.
The Ugly: The November canola futures contract was ugly today as it dropped by C$15 per tonne to settle at C$719.50 per tonne. Canola futures dropped while the nearby soybean contracts were up by one to two cents per bushel. Soybean oil futures provided pressure for the canola markets with nearby contracts off by 0.7 to 0.85 per cent. Significant pressure also came from the European rapeseed contract which closed down by 1.2 to 1.65 per cent today. The ugly news is that canola is trading just C$ 5.00 per bushel above the 20 day moving average.
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