By Marlo Glass, MarketFarm
WINNIPEG, July 2 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were slightly stronger on Thursday, amid light trading activity.
Canadian markets were closed yesterday for the Canada Day holiday. United States markets closed at noon today and will reopen on Monday.
Slight losses in the Canadian dollar were supportive of canola values. The loonie was around 73.6 United States cents for most of the day.
Losses in Chicago soybeans kept a lid on gains for canola prices. Nearby soyoil contracts were lower by a quarter of a cent.
On Thursday, 18,740 contracts were traded, which compares with Tuesday when 21,440 contracts changed hands. Spreading accounted for 5,744 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Thursday, despite strong export data.
This morning, the United States Department of Agriculture (USDA) announced a private export sale of 126,000 tonnes of soybeans, purchased by China.
In the weekly export sales report, old crop soybean sales totalled about 242,000 tonnes, which was below pre-report estimates. New crop soybean sales totalled 842,000 tonnes, which was higher than estimates.
The USDA also reported soymeal sales totalled 143,000 tonnes last week, and soyoil sales totalled 2,800 tonnes.
CORN futures were also weaker on Thursday.
Corn export sales totalled 623,000 tonnes, with 360,000 tonnes of old crop and 263,000 tonnes of new crop.
Cumulative commitments for the marketing year so far total 1.6 billion bushels. That’s about 94 per cent of the forecasted export total.
This morning, the USDA announced a sale of 200,000 tonnes of corn, purchased by China.
WHEAT futures were lower today due to seasonal harvest pressure.
Weekly wheat exports were on the higher end of expectations, totalling 414,000 tonnes last week.