WINNIPEG — The ICE Futures canola market was mostly higher on Monday despite mixed sentiment in comparable oils.
Chicago soyoil was lower, but European rapeseed and Malaysian palm oil were higher. Crude oil was down by more than US$1 per barrel as speculation over further key interest rate hikes by the United States Federal Reserve outweighed an unexpected supply disruption in Poland from a Russian oil and gas pipeline.
At mid-afternoon, the Canadian dollar gained three-tenths of a U.S. cent from Friday’s close.
About 32,838 canola contracts were traded on Monday, which compares with Friday when 25,219 contracts changed hands. Spreading accounted for 23,306 of the contracts traded.
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Prices on the Chicago Board of Trade went down on Monday largely due to a stronger United States dollar and traders squaring up their positions for month’s end.
CORN prices dropped below the US$6.50 per bushel level on Monday.
The U.S. Department of Agriculture (USDA) reported that more than 570,000 tonnes of corn were shipped during the week ended Feb. 26, down more than 50,000 from the previous week and down nearly 410,000 from the same week one year earlier. Out of the week’s shipments, 56 per cent went to Mexico. Through Feb. 23, 14.31 million tonnes of U.S. corn were shipped this season, compared to 23.21 million at this point last year.
Despite wet conditions, Brazil’s first corn crop was 28 per cent harvested as of Feb. 24 according to ag consultancy Safras and Mercado, while the country’s safrinha crop is 39 per cent planted in the Center-South region. Both figures trail last year’s pace.
SOYBEAN prices made gains late in the session but settled lower at the end of the day.
Almost 691,000 tonnes of U.S. soybeans were shipped during the week ended Feb. 23, down from 1.58 million in the previous week and down 48,000 tonnes from the same week last year. China received 54 per cent of the week’s shipments.
In Brazil, the soybean harvest was reported to be 30.3 per cent complete, up from 20.9 per cent last week, but below the average of 31.4 per cent.
The Buenos Aires Grain Exchange (BAGE) cut its projection for Argentina’s soybean crop by 4.5 million tonnes to 38 million.
Prices for all three major U.S. WHEAT varieties sustained double-digit losses.
Nearly 592,000 tonnes of U.S. wheat were shipped during the week ended Feb. 23, up from 374,000 one week earlier and up from 430,000 from the same week last year. There have been 15.25 million tonnes of total wheat exports this season, 258,000 lower than last year.
China sold all of the wheat it offered at auction, 141,751 tonnes in total, at an average of US$11.16/bu.
South Korean flour mills tendered for 85,000 tonnes of milling wheat from the U.S. and Canada, while Iraq, Jordan and Turkey are all seeking wheat via tender.
