By Marlo Glass, MarketFarm
WINNIPEG, June 5 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Friday, carrying on strength from earlier in the week.
Canola was stronger despite gains in the Canadian dollar. The loonie was around 74.5 United States cents for most of the day.
Strength in Chicago soyoil was also supportive of canola prices. Nearby contracts were up by about a third of a cent after posting losses for most of the week.
On Friday, 17,359 contracts were traded, which compares with Thursday when 12,737 contracts changed hands. Spreading accounted for 10,072 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Friday, boosted by steady export demand.
This morning, the United States Department of Agriculture (USDA) announced two sales totalling of 588,000 tonnes of soybeans, purchased by unknown destinations.
Official reports show soybean shipments totalled 79.48 million bushels in April.
Soybean export commitment for the upcoming marketing year total 2.9 million tonnes; about half of that is from China.
Brazil has shipped 47.8 million tonnes of soybeans since February, which is an increase of 44 per cent on the year. However, Brazil’s currency has increased, making the U.S. a more attractive option for soybeans.
CORN futures were stronger today.
Total exports for corn have reached one billion bushels, which is just over 50 per cent of the USDA’s prediction for the marketing year.
WHEAT futures were lower on Friday, due to profit-taking after recent gains.
Early harvest activity in the southern U.S. Plains region has also kept pressure on wheat values.
Last week, nearly 753,000 tonnes of wheat were shipped, which was the third highest on the marketing year.
Wheat export sales totalled just over 179,000 tonnes for old crop and 437,000 tonnes for new crop last week.