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North American Grain/Oilseed Review: Canola continues higher, 28.07.20

WINNIPEG, July 27 (MarketsFarm) – The ICE Futures canola market was stronger on Monday, closing at its highest levels in six months as chart-based speculative buying provided support.

Mixed forecasts across the Prairies and the need to keep some weather premiums in the market added to the firmer tone, although conditions remain relatively favourable overall.

Losses in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar put some pressure on crush margins, which tempered the upside.

About 21,932 canola contracts traded on Monday, which compares with Friday when 16,710 contracts changed hands. Spreading accounted for 6,762 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade held onto small gains on Monday, with solid export demand and optimism over more purchases from China providing support. Heightened tensions between the United States and China also kept some caution in the market despite the latest purchases.

The U.S. Department of Agriculture announced private export sales of 250,000 tonnes of soybeans to Mexico and 132,000 tonnes to China this morning.

Solid gains in soymeal were supportive for beans in general, but soyoil was down on the day.

Traders continued to try and get a clearer picture on weather conditions across the Midwest, with mixed forecasts likely helping crop rating in some areas while cutting into production prospects in others.

CORN futures posted small losses, taking some direction from wheat. Relatively benign weather conditions across the Corn Belt also weighed on values.

However, record high corn prices in China, due to tight supplies there, provided some support.

A slower than normal pace to Brazil’s corn harvest also underpinned the futures.

WHEAT futures were down across the board, as traders took back Friday’s advances.

Rising production estimates out of Russia accounted for some of the selling pressure in wheat, with the country’s crop now pegged at 78 million tonnes by IKAR, up 1.5 million from an earlier estimate.

On the other side, declining production estimates out of Europe were somewhat supportive.

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