By Marlo Glass, MarketFarm
WINNIPEG, Sept. 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker on Wednesday, carrying on trends from earlier in the week.
Harvest activity is said to be behind some of the pressure on canola prices. In Manitoba, about 78 per cent of the canola crop is harvested.
Canola was also hampered by a negative tone for comparable vegetable oils. Chicago soyoil was down by about a penny after losing about two thirds of a cent yesterday. Losses in Malaysian palm oil also kept pressure on canola prices.
The loonie was slightly weaker on the day, which prevented further losses for canola. The dollar was just under 75 U.S. cents due to comparable strength in the U.S. dollar index.
On Wednesday, 30,659 contracts were traded, which compares with Tuesday when 32,976 contracts changed hands. Spreading accounted for 27,564 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were slightly weaker on Wednesday, continuing pricing trends from earlier in the week.
The United States Department of Agriculture (USDA) has reported soybean export sales every day for the past few weeks.
This morning, the USDA announced a sale of 132,000 tonnes of soybean purchased by China, and an additional 126,000 tonnes purchased by unknown destinations.
Export commitments to China now total 700 million bushels for the marketing year.
CORN futures were slightly weaker today.
Recent data from the Energy Information Administration (EIA) showed daily ethanol production totalled just over 900,000 barrels per day during the week end Sept. 18.
That was 20,000 barrels per day lower than the previous week, and a 13-week low.
WHEAT futures were also weaker today.
The Buenos Aires Grain Exchange estimated Argentina’s 2020-2021 wheat production to total 17.5 million tonnes, down by 3.5 million tonnes from estimates made in May.
South Korea has purchased 65,000 tonnes of optional origin feed wheat.
Japan has also issued a wheat tender, seeking 86,000 tonnes of wheat, 58,000 of which from the U.S.