WINNIPEG — The ICE Futures canola market ended Wednesday mostly in the red despite being on track to make gains earlier in the day.
Chicago soyoil, European rapeseed and Malaysian palm oil were all higher. However, crude oil lost approximately two United States dollars per barrel due to economic concerns, which helped to turn canola’s gains into losses.
At mid-afternoon, the Canadian dollar was down two-tenths of a U.S. cent compared to Tuesday’s close.
The U.S. Department of Agriculture will release its monthly World Agricultural Supply/Demand Estimates on Thursday at 11 a.m. Central.
Read Also
ICE Canola Midday: Strength from outside markets
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were stronger late Thursday morning, in what…
There were 34,458 canola contracts traded on Wednesday, which compares with Tuesday when 18,782 contracts changed hands. Spreading accounted for 27,800 of the contracts traded.
The December CORN contract made its third gain over its last four sessions on the Chicago Board of Trade (CBOT) on Wednesday, nearly recuperating its losses from Tuesday. The contract briefly reached the US$4.80 per bushel mark before settling lower.
Prior to Thursday’s report, the trade projected the average U.S. 2023-24 corn yield to increase by 0.2 bushels per acre to 173.2 with production increasing by 15 million bushels. The trade also expected carryout to increase by an average of 18 million bushels.
Brazilian export group ANEC estimated the country’s corn exports for November to be 8.35 million tonnes, almost three million more than one year ago.
The USDA reported a private export sale of 270,000 tonnes of corn to Mexico earlier today.
South Korea purchased 65,000 tonnes of corn sourced from South America or South Africa.
The January SOYBEAN contract increased for the sixth time in seven sessions and exceeded the US$14.80/bu. level before coming down.
The trade pegged the U.S. 2023-24 average soybean yield to stay put at 49.6 bushels per acre with a one-million bushel loss in production. Carryout is expected to increase by one million bushels to 221 million.
ANEC projected Brazilian soybean exports in November to be 5.15 million tonnes, compared to 1.92 million one year ago. Soymeal exports would increase 910,000 tonnes to 2.26 million.
China purchased 433,000 tonnes of U.S. soybeans on Tuesday, with two more sales totalling 476,500 tonnes going to unknown destinations.
Chicago soft and Kansas City hard red WHEAT contracts gained more than 20 U.S. cents/bu. on Wednesday with Minneapolis spring wheat showing smaller gains. While the December Minneapolis spring wheat contract hit the US$7.40/bu. mark, its Chicago counterpart peaked just shy of US$6/bu.
The trade projected the U.S. 2023-24 wheat carryout to decrease by one million bushels to 669 million.
Statistics Canada reported that wheat exports excluding durum over the first two months of the 2023-24 marketing year totalled 3.413 million tonnes, up 25 per cent from one year ago and up 14 per cent from the 10-year average.
French farmers have sown 62 per cent of their expected soft wheat area by Oct. 30, down from the five-year average of 72 per cent.
Australia reported its driest October since 2002, which will likely reduce wheat yields in the country.
