By Glen Hallick, MarketsFarm
WINNIPEG, Dec 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday – the last day of trading for 2022.
Pressure on the Canadian oilseed came from a sharp downturn in Chicago soyoil. The losses were tempered by gains in Chicago soybeans and soymeal, as well as Malaysian palm oil and the front months of European rapeseed. Higher global crude prices lent support to the vegetable oil complex.
Trading will remain closed until Jan. 2 and today marked the First Notice Day for all January futures.
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The Canadian dollar was virtually unchanged at mid-afternoon Friday, with the loonie at 73.78 U.S. cents, compared to Thursday’s close of 73.76.
There were 14,017 contracts traded on Friday, which compares with Thursday when 21,096 contracts changed hands. Spreading accounted for 6,246 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola Mar 865.80 dn 9.30 May 862.60 dn 9.70 Jul 861.60 dn 9.10 Nov 829.80 dn 8.00
SOYBEAN futures at the Chicago Board of Trade (CBOT) were on Friday, due to decent United States sales and ongoing issues with the South American crop.
The U.S. Department of Agriculture (USDA) reported a private sale of 186,000 tonnes of 2022/23 soybeans to unknown destinations.
The USDA also released its export sales report after being delayed one day by the Christmas holiday. For the week ended Dec. 22, soybean export sales for the current crop year amounted to 705,800 tonnes, which were within market expectations. Export sales of soymeal were 264,300 tonnes and soyoil came in at 5,400 tonnes.
The USDA is scheduled to issue its next supply and demand report on Jan. 12, along with its quarterly grain stocks report.
The Buenos Aires Grain Exchange (BAGE) estimated that approximately 1.2 million acres of soybeans might be abandoned this year due to the ongoing drought in Argentina. The BAGE placed this year’s planting at 72 per cent finished, based on its projection of nearly 40.53 million acres to be seeded. Progress was 16 points behind the average pace and the crop rated only 10 per cent good to excellent.
Isolated and scattered showers were forecast for parts of Brazil and Argentina over the weekend.
CORN futures were slightly lower on Friday due to lack of fresh news.
Export sales current crop corn tallied 781,600 tonnes and were within market expectations. New crop sales came to 170,000 tonnes.
Heavy rains have been forecast for the weekend over the lower Mississippi, which will help raise the water levels on the river.
The BAGE placed corn planting in Argentina at 63 per cent complete, up 11 points on the week but 15 below the average pace. Also, the corn rated 15 per cent good to excellent.
WHEAT futures were stronger on Friday, following an excellent week of sales.
Export sales of U.S. wheat totaled 478,100 tonnes of current crop, which slightly exceeded trade estimates. New crop sales amounted to 33,000 tonnes.
The USDA will publish its first assessment of the 2023 winter wheat crop on Jan. 12.
The BAGE estimated that more than 91 per cent of Argentina’s wheat has been combined, with expectations of a total harvest of 12.4 million tonnes. Meanwhile, the Rosario Grain Exchange pegged the harvest at 11.5 million tonnes, 2.5 per cent lower than its previous estimate.
Russia’s wheat export tax will be raised next week to US$67.50 per tonne for the highest level since late August.
