The Good: Canola futures were strong today with nearby November futures trading up by C$5.50 per tonne and settled at C$624.70 per tonne. Soybean futures closed up by 11 cents per bushel and settled at US$10.78 per bushel. Canola futures were supported by European rapeseed futures which were up by 0.5 per cent during the day. Soybean oil futures were the only fly in the ointment and closed down by 1.0 per cent on the day. The good news is that the rally in canola futures tested the 50 day moving average in today’s session.
Read Also
The Good, Bad & Ugly
The Good: The move in spring wheat market was good news today as the contract closed up three cents per bushel…
The Bad: Spring wheat futures closed up by two cents per bushel to settle at US$5.62 per bushel. The bad news today was that the December contract traded above the 50 day moving average but couldn’t hold that level. Winter wheat futures provided some support for spring wheat with Kansas City moving up by five to six cents per bushel and Chicago wheat futures closed up by five cents per bushel.
The Ugly: The rainfall this fall has been been quite different between the eastern and western Prairies. Eastern Saskatchewan and Manitoba have received between 115 to 200 per cent of normal precipitation over the past two months. Conversely the western growing areas have mostly received less than 40 per cent of normal precipitation. This helped maintain harvest quality and boosted harvest progress through the fall. The ugly news is that the dryness has prevented soil moisture recharge during the fall period.
To continue reading, please subscribe to Western Producer
Subscribe nowAlready a subscriber? Log In
