By Glen Hallick, MarketsFarm
WINNIPEG, April 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday in choppy activity, as large short positions in the nearby May contract still need to be dealt with.
There was very little support for the Canadian oilseed in the outside markets. The Chicago soy complex was steady to lower, while Malaysian palm oil was mixed. Trading in European rapeseed was closed for Easter Monday. Losses in global crude oil prices put pressure on the vegetable oils.
The western Prairies are expected to get precipitation in the next few days. Meanwhile, southern parts of Alberta and Saskatchewan are likely to see spring planting begin this week or next. Seeding across the rest of the region is projected to begin in about a month’s time.
Read Also
Canadian Financial Close: Loonie drops, new record for TSX
Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….
The Canadian dollar was lower mid-afternoon Monday, as the loonie was at 73.98 U.S. cents, compared to Thursday’s close of 74.19.
There were 29,597 contracts traded on Monday, which compares with Thursday when 35,296 contracts changed hands. Spreading accounted for 22,636 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola May 774.00 up 2.60 Jul 753.30 up 5.30 Nov 720.50 up 5.40 Jan 723.70 up 5.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were steady to lower on Monday after giving up earlier gains.
The United States Department of Agriculture (USDA) is slated to release its April supply and demand estimates tomorrow at 11 am CDT. Soybean ending stocks are expected to ease back 12 million bushels to 198 million. Meanwhile, there have been questions as to how far below 30 million tonnes the USDA could peg its call on this year’s soybean output in Argentina.
The USDA reported soybean exports for the week ended April 6 at 669,566 tonnes for a 32.9 per cent drop from the previous week. The year-to-date reached 46.13 million tonnes, more than a million ahead of a year ago.
Safras and Mercado placed the Brazil soybean harvest at about 81 per cent complete, compared to 85.5 per cent this time last year. The consultancy upped its Brazil production estimate from 152.4 million tonnes to 155.1 million.
CORN futures were stronger on Monday, as corn ending stocks are projected to dip 23 million bushels at 1.32 billion.
Export inspections of corn tallied 805,167 tonnes, down 26.7 per cent from a week ago. The year to date hit 20.17 million tonnes, well behind the 32.06 million this time last year.
The USDA attaché in China projected that country’s 2023/24 corn imports at 18 million tonnes.
The Ukraine agriculture ministry stated 38.8 million tonnes of grain has been exported so far during 2022/23, including 22.8 million tonnes of corn.
WHEAT futures were higher on Monday, as the U.S. Southern Plains are forecast to remain hot and dry this week.
Wheat export inspections totaled 335,444 tonnes, slightly more than double from the previous week. The year-to-date came to 17.19 million tonnes, 2.5 per cent behind shipments from a year ago.
The trade pegged U.S. wheat ending to stocks for tomorrow’s report at 576.5 million bushels, up 8.5 million from March. The global carryover is projected to change very little at 267 million tonnes.
Russia has again threatened to pull out of the Black Sea export deal, now stating it will do so if fertilizer exports are not added to the agreement.
As of April 10, Ukraine has shipped out 13.3 million tonnes of wheat and 2.31 million tonnes of barley.
The United Nations Food and Agriculture Organization (FAO) projected the 2023/24 world wheat crop at 786 million tonnes, down 1.3 per cent from last year.
