By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 20 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker on Wednesday, buckling under a strong Canadian dollar and losses in Chicago soyoil.
The loonie has been hovering around 76 United States cents for most of the week, reacting to weakness in the U.S. dollar. A strong Canadian currency has pressured canola prices.
Chicago soyoil was lower following reports of low export demand. Nearby soyoil contracts were down by about four tenths of a cent at the end of the trading session.
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On Wednesday, 23,191 contracts were traded, which compares with Wednesday when 21,970 contracts changed hands. Spreading accounted for 15,922 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were relatively steady on Thursday, following reports of low export demand.
In today’s export sales report from the United States Department of Agriculture (USDA), soybean exports totalled about 900,000 tonnes last week, which was 20 per cent lower than the previous week but higher than the prior four-week average. Net soybean sales hit a marketing-year low due to decreases in previous orders.
Soybean cake and meal sales totalled 190,300 tonnes, which was also a low for the marketing year. Exports for soybean cake and meal totalled 222,500 tonnes, which was higher than the week prior.
Soyoil exports totalled 2,200 tonnes, which was 82 per cent lower than the previous week and 92 per cent lower than the prior four-week average. There were no new soybean sales during the week ended August 13.
CORN futures were slightly weaker on Wednesday.
Net corn sales totalled 61,600 tonnes last week for old crop, which was 84 per cent lower than the week prior. New crop sales totalled 723 thousand tonnes. Corn export sales were around 1.1 million tonnes, which was down 10 per cent from the previous week.
The Energy Information Administration (EIA) said ethanol production averaged 926,000 barrels per day last week, and stocks were up to 20.27 million barrels.
WHEAT futures were stronger today.
Net wheat sales totalled 523,000 tonnes last week, which was a 42 per cent increase from the previous week. Exports totalled just under 407,000 tonnes, which was about 25 per cent lower than the prior four-week average.
The Philippines accounted for 35 per cent of wheat sales, and Brazil made 17 per cent of sales.
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