WINNIPEG, Manitoba--Intercontinental Exchange canola futures were up on Wednesday, with spillover support from Chicago soybeans and soyoil, as well as other edible oils. However, canola prices backed away from earlier highs due to farmer hedging. A trader said the updated canola forecast put forth by Statistics Canada on Monday should have been one million tonnes less than the 12.8 million the federal agency reported.
Intercontinental Exchange canola futures were stronger at midday Wednesday, getting support from other edible oils, which have been on the upswing due to technical buying, according to a trader. However, canola backed off from earlier highs after the U.S. Department of Agriculture announced the cancellation of two private sales of soybeans totaling 328,000 tonnes, he said.
The ICE Futures canola market was stronger Wednesday morning, although off its overnight highs. Traders were still digesting Tuesday's production estimates from Statistics Canada. The government agency pegged the canola crop at only 12.8 million tonnes, which would be the smallest since 2010..
IBADAN, Nigeria--Annual inflation in Nigeria fell to 17.01% in August from 17.38% in July, the National Bureau of Statistics said in a report on Wednesday. The NBS report said food price inflation stood at 20.30% in August compared with 21.03% in the previous month. The rise in the food index was caused by increases in the prices of bread, cereals, milk, cheese, eggs, oils and fats, potatoes, yam and other tubers, meat, coffee, tea and cocoa, it said.
U.S. grain merchant Archer-Daniels-Midland Co (ADM) said on Wednesday that it had launched a new flavour production facility in China to meet growing demand for beverages and healthy foods. The new facility - ADM Food Technology Co Ltd, located in the eastern province of Zhejiang and about one hour away from Shanghai - marks a further expansion by the global grains trader in the nutrition segment.
WINNIPEG--Intercontinental Exchange canola futures were stronger Tuesday, but backed well away from earlier highs. At one point the November contract reached C $900.00 per metric ton. Support came from the Statistics Canada production update, which lowered 2021/ 22 canola production from 14.7 million metric tons last month to 12.8 million metric tons.
Another grain export terminal near Louisiana's Gulf Coast shuttered for two weeks by Hurricane Ida restarted operations this week even as heavy rains from Tropical Storm Nicholas battered the region on Tuesday.
WINNIPEG, Manitoba--Intercontinental Exchange canola futures were stronger at midday Tuesday, but those gains have moderated from the earlier sharp upticks that followed the release of Statistics Canada's production update. In its latest principal field crops report, Statistics Canada slashed 2021/ 22 canola production to about 12.8 million tons. That's down from the federal agency's August call of 14.7 million tons and 34.4% less than the 19.5 million tons harvested in...
Global grain trader Cargill Inc restarted its Westwego, Louisiana, grain export terminal and on Monday unloaded its first grain barge since Hurricane Ida shuttered the facility two weeks ago, the company said on Tuesday.
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