WINNIPEG, Oct. 2 (MarketsFarm) – The ICE Futures canola market was closed for the National Day of Truth and Reconciliation on Monday.
Canola futures were down sharply on Friday, breaking through major support levels. The move below C$710 per tonne in the November contract was bearish from a chart standpoint, with the next support seen at C$700 per tonne.
However, Chicago soyoil futures were sharply higher on Monday, which should provide some underlying support for canola when the market reopens. European rapeseed was also stronger on Monday.
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Harvest operations are in their final stages across Western Canada.
SOYBEAN futures at the Chicago Board of Trade were stronger on Monday, recovering from earlier losses as a rally in soyoil provided support. China is celebrating its Golden Week holiday this week, limiting some activity in the agricultural futures.
A possible shutdown of the United States government was averted over the weekend, which means U.S. Department of Agriculture reports will continue to be released on schedule for the time being.
The USDA announced private export sales of 132,000 tonnes of soybeans to China this morning.
Weekly U.S. soybean export inspections of 663,000 tonnes were well above what moved the previous week.
Brazilian farmers were making good headway getting their next soybean crop in the ground, with about five per cent of intended acres seeded as of this past Friday. That compares with the four per cent average for this time of year.
Seasonal harvest pressure tempered the gains, with the U.S. soybean harvest estimated at about 25 per cent done.
CORN futures were underpinned on ideas last Friday’s losses were overdone.
The USDA announced flash sales of 210,000 tonnes of corn to Mexico this morning.
Weekly U.S. corn export inspections were down slightly on the week, at 625,000 tonnes.
Grain ships are reportedly making their way in and out of Ukraine despite the ongoing conflict, with three vessels leaving the country over the weekend.
The U.S. corn harvest is thought to be about 20 to 25 per cent done.
WHEAT strengthened on Monday amid ideas last week’s drop to three-year lows was overdone.
While grain is moving out of Ukraine, Russian drone attacks over the weekend reportedly caused damage to some handling facilities.
The USDA reported weekly wheat export inspections of just under 400,000 tonnes.
