By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 22 (MarketsFarm) – Intercontinental Exchange canola futures failed to hang on to gains in a bout of choppy trading Friday, due to a lack of sufficient support from comparable oils.
Support for canola came from increases in Chicago soybeans and especially soyoil, but soymeal slipped back. European rapeseed and Malaysian palm oil were narrowly mixed. Small upticks in global crude oil prices managed to provide a little bit of direction to the vegetable oils.
While parts of southern Manitoba received rain on Friday, the majority of the Prairies were conducive to good harvest progress.
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Alberta is scheduled to release its weekly crop report later this afternoon.
The Canadian Grain Commission reported year-to-date producer of deliveries of canola were 1.91 million tonnes versus 1.53 million a year ago. At 492,500 tonnes, canola exports were far ahead of last year of 197,600. Domestic use also stayed in front of the year ago at 194,100 tonnes compared to 170,600.
The Canadian dollar lost its upward momentum by mid-afternoon Friday with the loonie unchanged at 74.15 U.S. cents.
There were 31,262 contracts traded on Friday, which compares with Thursday when 39,629 contracts changed hands. Spreading accounted for 20,514 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 722.00 dn 3.30 Jan 731.80 dn 3.50 Mar 738.50 dn 3.80 May 744.40 dn 3.50
SOYBEAN futures at the Chicago Board of Trade were higher on Friday as rain continued to fall across much of the United States Northern Plains and the Corn Belt, delaying the soybean and corn harvests.
China’s soybean imports from the U.S. amounted to 120,000 tonnes in August, down 58 per cent from the previous August.
Argentina announced it will end its ‘soy dollar’ program come Sept. 30. Also, the government estimates the planted area for soybeans will likely hold at last year’s 39.5 million acres.
Ukraine reported four million tonnes of rapeseed plus 2.4 million tonnes of sunflower seeds have been harvested so far this year.
CORN futures were higher on Friday, in concert with soybeans.
France said its corn crop dipped one point to 81 per cent good to excellent, and that the harvest was six per cent complete as of Sept. 18.
Mexico announced researchers made progress towards a non-GMO yellow corn. The country hopes to use it to supplant a third of its 18 million tonnes of U.S. corn imports.
WHEAT futures were also higher on Friday, getting support from soybeans and corn.
APK-Inform said three vessels were headed towards the Ukrainian port of Odesa. Earlier this week a vessel loaded with wheat was the first ship to leave Odesa since the end of the Black Sea grain deal.
Ukraine said its 2023/24 grain harvest reached 37.4 million tonnes which included 22.2 million of wheat and 5.9 million of barley.
Although Russia increased its wheat exports to China by 80 per cent since 2022, the amount made up only 0.5 per cent of China’s wheat imports.
Argentina estimated its planted wheat area will be 13.8 million acres, down 26 per cent from last year.
Egypt tendered for 500,000 tonnes of wheat.
