WINNIPEG, Oct. 5 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at Thursday’s close after moving to both sides of unchanged in choppy activity.
The nearby November contract managed to settle above support at C$710 per tonne after trading below that key chart point earlier in the day.
Losses in Chicago soyoil put some pressure on the Canadian oilseed throughout the session, with crude oil, European rapeseed and Malaysian palm oil futures also lower on the day.
Historically wide crush margins remained a supportive influence, with a slowdown in seasonal harvest pressure also underpinning the futures. The Saskatchewan canola harvest was 90 per cent complete in the latest weekly report.
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There were an estimated 51,297 contracts traded on Thursday, which compares with Wednesday when 37,023 contracts traded. Spreading accounted for 34,302 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were mostly higher at Thursday’s close, underpinned by solid export demand.
The United States Department of Agriculture reported weekly U.S. soybean export sales of 808,000 tonnes, which were up by 20 per cent from the previous week and at the high end of trade expectations.
Monthly census data showed that the U.S. exported 1.7 million tonnes of soybeans in August, taking the marketing year total to 54.2 million tonnes.
Continued losses in crude oil remained a bearish influence in the background of the soy market, weighing on soyoil and tempering the upside in beans.
The advancing U.S. soybean harvest also put some pressure on values.
CORN futures posted solid gains, finding spillover support from a rally in wheat.
Weekly U.S. corn export sales included 1.8 million tonnes slated for delivery during the current crop year and an additional 611,000 tonnes for next year.
Heavy rains in southern Brazil were reportedly causing damage to some corn fields there, with replanting likely.
Meanwhile, seasonal harvest pressure should be picking up across the U.S. Corn Belt.
WHEAT was stronger, with renewed tensions in Ukraine behind some of the buying interest given fresh Russian attacks and mounting concerns over disruptions to grain movement through the Black Sea.
Weekly U.S. wheat export sales of 273,100 tonnes were at the low end of trade expectations.
Soft wheat production in the European Union and United Kingdom was estimated at 141 million tonnes by COCERAL, down from 142.4 million projected in June.
