BEANS/CANOLA
Chicago May-16 soybean prices lower for the week, at 859.0 US¢/bu, down 20.6 US¢/bu.
Canola took a huge knock over the week with ICE Canola March 16 finishing at CA$447.8 down CA$16.4/t for the week.
Canola was the hardest hit over the week as China formally confirms, that it plans to toughen its standard for imported Canadian canola reducing the amount of foreign material allowed from 2.5% to 1.0%. – With talks that they will do the same to Aussie canola specs.
The Canadian Dollar continues to climb higher weighing on values.
The USDA estimate US farmers will plant 82.5 million acres of beans which would be the third-highest on record.
The Brazilian soybean harvest crop continues to grow with harvest currently around 25% completed, estimates show the harvest will certainly be over 100 million mt.
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Weekly Report 16_02_27
