By Marlo Glass, MarketFarm
WINNIPEG, June 26 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower at Friday’s close, after trading choppily for most of the day.
Statistics Canada will release their principal field crop acreage estimates on Monday. Traders expect canola area will be revised downward from March’s estimate of 20.615 million acres.
Weakness in the Canadian dollar prevented further losses for canola prices. The loonie has been around 73 United States cents for most of the day.
On Friday, 15,968 contracts were traded, which compares with Thursday when 16,569 contracts changed hands. Spreading accounted for 7,910 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday, despite strong export data.
This morning, the United States Department of Agriculture (USDA) announced a sale of 132,000 tonnes of new crop soybeans, purchased by China.
The USDA grain stocks report will be released on June 30, and average trade estimates expect soybean stocks to be around 1.39 billion bushels.
The International Grains council (IGC) raised soybean production estimates by two million tonnes to total 364 million tonnes.
CORN futures were weaker today.
Last week, old crop export sales totalled over 461,000 tonnes, which was on the lower end of trade expectations.
New crop corn sales totalled about 77,000 tonnes, which was also lower than expected.
The International Grains Council raised their forecast for global new crop corn production to 1.172 billion tonnes.
Argentina’s corn crop is reportedly 78 per cent harvested.
WHEAT futures were lower on Friday, with Chicago spring wheat posting gains.
The IGC forecast global wheat ending stocks to total 290 million tonnes, which is unchanged from prior estimates.
Traders expect U.S. wheat stocks to be around 987 million bushels in next week’s grain stocks report, which would be lower than 2019 stock levels by 93 million bushels.
The European Union Commission has reduced its forecasts for EU wheat production to total 117.2 million tonnes.
Wheat planting in Argentina is reportedly 71 per cent complete. Argentina is expected to plant approximately 16.5 million acres of wheat this year.