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North American Grain/Oilseed Review: ICE Closing Review: Prices lose gains to finish weaker, 22.05.19

WINNIPEG, May 21 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were down slightly on Tuesday, after bids fell from gains made earlier in the day.

Limited farmer selling and spillover from soybeans on the Chicago Board of Trade provided support. The Canada/China dispute and a forecast for record carryovers weighed on values.

In its May Outlook for Principal Field Crops, Agriculture and Agri-Food Canada increased its forecast for the 2018/19 canola carryover, to 3.9 million tonnes, up by 400,000 tonnes. The department also pegged the 2019/20 carryover to be a record 5.3 million tonnes, due to China’s ban canola imports from Canada.

There were 21,585 contracts traded on Tuesday, which compares with Friday when 16,823 contracts changed hands. Spreading accounted for 10,128 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Jul 442.40 dn 0.80
Nov 454.70 dn 0.50
Jan 460.50 dn 0.30
Mar 466.00 dn 0.20

SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Tuesday, after double-digit gains were wiped out following rumours pertaining to a bail-out package for farmers in the United States.

Bloomberg News reported the Trump Administration was set to provide farmers with a US$20 billion bail-package that could see growers received US$2 per bushel for soybeans. The U.S./China trade war has taken a severe toll on U.S. agriculture, seeing prices drop. The package would surpass the US$15 billion provided last year.

Last Friday, the U.S. Soybean Export Council stated the U.S. share of soybean exports to China could be permanently damaged if a trade deal is not agreed to in the near future.

Brazil has exported almost 5.5 million tonnes of soybeans to China this crop year.

CORN futures were stronger on Tuesday. The apparent bail-out package could see U.S. farmers received four cents per bushel for corn.

France AgriMer rated France’s corn 2019 corn crop as 88 per cent good to excellent, an increase of 11 points as of May 13.

South Korea purchased approximately 68,580 tonnes of corn from either the U.S. or South America in private deal. Delivery has been scheduled for December.

Sinograin reported China will auction off about 76,200 tonnes of its corn reserves to neighbouring Mongolia.

WHEAT futures were mixed on Tuesday, with a slight loss in Minneapolis and slight gains at Chicago and Kansas City.

According to the Bloomberg report, U.S. farmers could receive 63 cents per bushel in aide from the Trump administration.

IKAR has forecast the Russian 2019 wheat crop to be almost 81 million tonnes, with more than 37.8 million tonnes for export.

The Indian government said it has purchased nearly 29.26 million tonnes of wheat from the country’s farmers. Wheat production is expected to hit almost 100 million tonnes this year.

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