ODA Market Highlights - 05/02/2019

Rapeseed benefits from a falling euro-dollar exchange rate.

By | Published at

Grains were falling today during a session with little news about fundamentals. StatCan published inventories as of 31 December 2018. Wheat was at the same level as last year (23.2MT). Jordan bought 60KT of wheat from the new harvest.

On the oilseeds market, despite an announcement that 2.6MT of U.S. soybeans were sold to China in recent days, soybean prices hovered near equilibrium in Chicago. Traders are still waiting for confirmation of a 5MT purchase announced by China last week.

StatCan published Canadian canola inventories as of 31 December 2018. Inventories were at record levels of 14.55MT versus 13.87MT in December 2017, which pressured canola prices in Winnipeg.

Despite Canadian canola's decline and stable soybean prices in Chicago, rapeseed climbed slightly with help from a drop in the euro-dollar exchange rate to $1.14.