WINNIPEG — The ICE Futures canola market closed a little above unchanged on Tuesday to go along with gains in crude oil prices.
Chicago soyoil was up, as well as Malaysian palm oil. However, European rapeseed was down. Meanwhile, crude oil prices regained their positive momentum after a correction on Monday.
At mid-afternoon, the Canadian dollar was mostly steady compared to Monday’s close. Statistics Canada reported earlier today that the annual inflation rate declined to 6.3 per cent in December compared to 6.8 per cent in November.
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About 30,170 canola contracts were traded on Tuesday, which compares with Monday when 11,880 contracts changed hands. Spreading accounted for 21,056 of the contracts traded.
The Chicago Board of Trade (CBOT) re-opened on Monday evening after being closed due to the Martin Luther King Jr. Day holiday.
CORN prices were higher after weekly inspections data from the United States Department of Agriculture showed that 774,000 tonnes of corn were shipped during the week ended Jan. 12. The amount is up from 401,000 from the week before, but below the 1.24 million tonnes shipped at this time last year. China and Mexico were the top two shipping destinations.
Ukraine’s ag ministry is reporting that 15 per cent of its 2022/23 crop has been unharvested citing quality concerns and Russia’s invasion of the country.
Mexico has instituted a 50 per cent tariff on white corn exports, citing rising tortilla prices, which will be in effect until June 30.
SOYBEAN prices also made gains while the USDA’s weekly inspections report showed that 2.075 million tonnes of soybeans were shipped during the week ended Jan. 12, up from 1.456 million last week and from 1.805 million at this week last year.
The National Oilseeds Processors Association reported a three-year low for December soy crush at 177.5 million bushels processed, more than five million below the average trade estimate. However, soyoil stocks were 1.791 billion pounds, above the trade’s estimate.
China’s economy grew three per cent in 2022, its second-lowest performance since 1975, which raised concerns about soy demand.
All three major varieties of WHEAT were higher on Tuesday. Weekly U.S. wheat export inspections were more than 320,400 tonnes for the week ended Jan. 12, up 110,000 from last week but down 66,000 from the same week last year. The Philippines and China were the top destinations.
Precipitation is forecast for the U.S. Southern Plains later this week, but hard red wheat growing areas are expected to stay dry.
Turkey booked 550,000 tonnes of wheat, likely from the Black Sea. Japan bought nearly 90,000 tonnes from Canada and the U.S., while South Korea purchased 130,000 tonnes of feed wheat of unknown origin.
