North American Grain & Oilseed Review
Intercontinental Exchange (ICE) Futures canola contracts closed stronger on Thursday, maintaining multi-year highs over C$600 per tonne.
Chicago soyoil also hit multi-year highs, with the January contract closing at 39.93 U.S. cents per pound. Gains in the canola market slightly outpaced that of soyoil.
Today, 39,185 contracts were traded, which compares with Tuesday when 29,522 contracts changed hands. Spreading accounted for 27,322 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) closed higher on Thursday, finishing the day over US$12 per bushel.
Soybean export sales totalled 922,226 for soybeans, which was on the higher end of market expectations.
Argentina workers striking at their crushing facilities continues to provide support to the soybean market, as the strikes are delaying spot sales of soymeal and oil.
CORN futures were slightly stronger today.
Last week’s corn export sales totalled 1.9 million tonnes, which was higher than market expecations.
Brazil and China are in talks to increase Brazilian exports of corn to China. A local corn producers association said the two countries are negotiating, though Brazilian corn stocks are low.
WHEAT futures were also stronger today.
Export sales for wheat totalled 540,341 tonnes, which was on the higher end of market expectations.
A private firm forecast the EU soft wheat production at 129.6 million tonnes for 2021.
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