The grain markets this week continue to be volatile.
Commodity Futures Advisor with P.I. Financial Adam Pukalo says the ICE Future November Canola Contract is up about 30 dollars on the week, while the Minneapolis wheat futures are down about 45 cents a bushel this week.
Pukalo says one factor is Statistics Canada’s seeded acres report from Wednesday, which indicated farmers are planting more canola, wheat, barley, corn, and soybeans but fewer acres of oats, lentils, and dry peas, as well as a report from the U.S. Department of Agriculture.
He noted corn acres were above expectations, while soybean acres were below expectations, and wheat acres didn’t move much as they were around trade expectations. In terms of quarterly stocks of soybeans and corn, Pukalo says they were lower, while wheat stocks were slightly lower as well.
The USDA’s crop conditions report is to be released on Monday, since that day isn’t a holiday for the U.S., and its something Pukalo believes traders will be keeping a close eye because of how some areas are really dry, which could affect the markets.
In addition to the USDA report, Pukalo also recommends keeping an eye on the U.S. Dollar possibly going lower, which could push grain prices higher.
