By Jade Markus and Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, November 3 – ICE Futures Canada canola ended lower on Thursday, pressured by a weaker technical bias and ideas that harvest conditions in Western Canada could improve.
Parts of Saskatchewan and Alberta have seen improved forecasts, which could allow producers to get into their fields, if they dry out enough.
However, Lac Ste. Anne County in Alberta has declared an agricultural disaster due to excessive moisture, which indicates some areas might not be able to see a recovery, limiting losses.
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About 15,476 canola contracts traded on Thursday, which compares with Wednesday when 21,876 contracts changed hands.
Settlement prices are in Canadian dollars per metric tonne.
Durum and barley futures were unchanged, while milling wheat was revised lower after the close.
SOYBEAN futures at the Chicago Board of Trade were up by one to three cents per bushel on Thursday, as good export demand provided underlying support.
The USDA reported weekly export sales of 2.5 million tonnes, which were well above trade expectations and represented the largest weekly total in three years.
However, expectations for a record large US soybean crop did put a damper on the upward move, as traders were squaring positions ahead of the USDA’s latest production estimates on November 9.
SOYOIL futures were up on Thursday, with adjustments to the soyoil/soymeal spread behind some of the strength.
SOYMEAL futures were narrowly mixed on Thursday.
CORN futures in Chicago were up by one to two cents per bushel on Thursday on the back of solid export demand.
Weekly US corn sales, at about 1.5 million tonnes, were well above trade estimates and the second-best of the marketing year-to-date.
Additional sales of 136,000 tonnes to South Korea and 432,000 tonnes to Mexico were also reported.
However, just as in beans, the large US crop prospects and positioning ahead of next week’s report limited the advances.
WHEAT futures in Chicago were down by one to six cents per bushel on Thursday, as poor export demand weighed on values.
Weekly US wheat exports came in at only 234,900 tonnes, which was the lowest weekly total of the marketing year-to-date.
Recent frost in Australia cut into that country’s production prospects, and provided some support. Declining crop estimates out of Canada and South America were also supportive.
