WINNIPEG — The ICE Futures canola market was in mixed territory on Friday with similar sentiment in comparable oils.
Chicago soyoil was up, as well as Malaysian palm oil while crude oil was mixed. However, European rapeseed was lower.
At mid-afternoon, the Canadian dollar gained less than one-tenth of a U.S. cent compared to Thursday’s close.
High temperatures on the Prairies were in the double digits but did not exceed 20 degrees Celsius. There was also a chance of showers in central Saskatchewan and southern Manitoba.
Read Also
Canadian Financial Close: Loonie higher, TSX sets new record
Glacier FarmMedia – The Canadian dollar gained some ground on Friday and will end the week on a high note….
The Canadian Grain Commission (CGC) reported 214,500 tonnes of canola were shipped during the week ended Oct. 15, the most so far during the 2023/24 marketing year and the largest volume in 29 weeks.
There were 52,238 canola contracts were traded on Friday, which compares with Thursday when 76,668 contracts changed hands. Spreading accounted for 29,728 of the contracts traded.
The December CORN contract ended its brief sojourn above the US$5 per bushel mark on Friday at the Chicago Board of Trade (CBOT), nearly losing 10 U.S. cents.
The United Nations forecasted that El Nino will last through the first half of 2024, which may cause more rain than usual in Mexico alongside drier conditions in Brazil.
Rains have caused delays in planting Argentina’s corn crop, which may raise the number of late plantings and reduce production for the world’s third-largest corn exporter.
Some Amazon river tributaries are at their lowest water levels in more than a century, causing some grain shipments to be halted. The Brazilian government announced it will provide nearly US$20 million for emergency dredging services.
Reduced water levels on the lower Mississippi River are expected to last through January.
The November SOYBEAN contract was unable to extend its rally to five days, but still closed above the US$13/bu. level.
Chinese imports of Brazilian soybeans for the month of September totalled 6.88 million tonnes, 23 per cent more than one year ago and the highest amount for September in three years.
Parts of northern and central Brazil are seeing dry weather while part of the south are dealing with excess moisture.
Despite fears from farmers in top-producing state Mato Grosso that acres will have to be replanted, Brazil still expects a record soybean crop.
All three major U.S. WHEAT varieties lost ground on Friday with the largest losses belonging to Minneapolis spring wheat at more than eight U.S. cents/bu.
Canada exported 326,900 tonnes of wheat excluding durum during the week ended Oct. 15, less than the previous week. Canada has exported 4.17 million tonnes this marketing year so far, up 13 per cent from last year.
Canada also exported 84,600 tonnes of durum during the week and has shipped 525,200 tonnes this year, down 6.2 per cent from one year ago.
Recent rains in Australia have improved prospects for the country’s wheat crop, with firms StoneX and IKON raising their production estimates by three million tonnes to 26 million and 28 million, respectively.
The Buenos Aires Grain Exchange has rated nearly half of Argentina’s wheat crop as fair to poor due to ongoing drought conditions with the harvest set to start in the coming weeks.
