WINNIPEG — The ICE Futures canola market made gains during Thursday trading while comparable oils were mixed.
Chicago soyoil was lower, while European rapeseed and Malaysian palm oil were both in positive territory. Crude oil was also higher after hawkish comments from United States Federal Reserve chair Jerome Powell.
At mid-afternoon, the Canadian dollar was unchanged compared to Wednesday’s close.
The U.S. Department of Agriculture will release its acreage and quarterly grain stocks reports on Friday at 11 a.m. CDT.
About 18,158 canola contracts were traded on Thursday, which compares with Wednesday when 26,470 contracts changed hands. Spreading accounted for 6,778 of the contracts traded.
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CORN dropped for the sixth straight session on the Chicago Board of Trade (CBOT) as traders await rains in the United States Midwest next week.
The USDA’s Weekly Export Sales report said that nearly 140,400 tonnes of old crop corn were booked during the week ended June 22, up 36,000 from last week and up 88,000 from the same week last year. Old crop commitments so far this year reached 38.79 million tonnes, 89 per cent of the USDA’s forecasted total. New crop sales totalled 123,500 tonnes this week, at the higher end of pre-report trade estimates.
Rain is expected for many parts of the U.S. Midwest over the next seven to 10 days. Southeastern parts of Nebraska and central and eastern parts of Illinois received between 10 to 30 mm on Wednesday.
South Korea has purchased 68,000 tonnes of feed corn, reportedly from either South Africa or South America.
SOYBEANS oscillated on both sides of unchanged during trading before settling higher.
The USDA counted nearly 227,400 tonnes of old crop soybean sales for the week ended June 22, down 458,000 tonnes from last week. The marketing year’s old crop commitments are now at 52.34 million tonnes or 96 per cent of the USDA’s forecast. New crop sales of 17,000 tonnes to Mexico were also reported.
Sales of nearly 105,000 tonnes of old crop soymeal and 68,700 tonnes of new crop were also reported, as well as only 963 tonnes for soyoil.
Chinese soybean imports for 2023 are estimated to be up seven million tonnes to 98 million.
Minneapolis spring WHEAT made gains on Thursday, while Kansas City hard red and Chicago wheat varieties showed declines.
More than 155,100 tonnes of U.S. wheat were sold for the week ended June 22, with hard red spring wheat and soft red winter wheat each making up 30 per cent of new crop sales. Hard red winter wheat comprised of 22 per cent of sales.
The USDA’s attache to Australia estimates new crop wheat production at 26 million tonnes, down 27 per cent from last year’s record crop, as well as 21 million tonnes of exports.
Russia has begun its wheat harvest, with its Ministry of Agriculture announcing that two million tonnes of grains have been harvested so far, ahead of last year’s pace.
