By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 14 (MarketsFarm) – Intercontinental Exchange canola futures were stronger on Tuesday after being closed on Monday for Remembrance Day.
Canola played catch up with the sharp gains in the Chicago soy complex yesterday, along with today’s upticks. Additional support came from increases in European rapeseed and Malaysian palm oil. Global crude oil prices were virtually unchanged, which provided little direction to the vegetable oils.
Chart-based positioning in the Canadian oilseed also contributed to the increases.
Canola crush margins were higher, which kept crushers on the buy the side.
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The Canadian dollar was stronger at mid-afternoon Tuesday with the loonie at 72.97 U.S. cents compared to Friday’s close of 72.36.
There were 58,832 contracts traded on Tuesday, which compares with Friday when 33,313 contracts changed hands. Spreading accounted for 34,498 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 713.90 up 12.80
Mar 720.30 up 11.60
May 723.40 up 9.80
Jul 726.60 up 9.00
SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, due to crop reductions estimated for Brazil.
The United States Department of Agriculture reported the planting of soybeans reached 95 per cent as of Nov. 12. That’s four points above the five-year average.
The USDA said soybean export inspections for the week ended Nov. 9 were 1.67 million tonnes, falling back from last week’s 2.2 million.
Ahead of Wednesday’s release of the monthly crush report from the U.S. National Oilseed Producers Association, the average trade guess has called for 189.1 million bushels in October. That would up from the 184.5 million bushels crushed in October 2022.
Dr. Michael Cordonnier of Soybean and Corn Advisor Inc. cut his call on the coming Brazil soybean crop by two million tonnes at 158 million. However, he kept Argentina’s soybean output at 50 million tonnes.
AgRural estimated the Brazil soybean crop was 61 per cent planted as of Nov. 9. The consultancy reduced its forecast by 1.1 million tonnes at 163.1 million.
Due to heavy rains, the German oilseeds industry association estimated winter rapeseed planting will be down four to seven per cent in 2024, with 1.09 million to 1.13 million hectares to be seeded.
Iran issued a tender for 120,000 tonnes of soymeal.
CORN futures were slightly higher on Tuesday, due to fresh news.
The USDA announced a private sale of 101,745 tonnes of old crop corn to Mexico.
The department placed the U.S corn harvest at 88 per cent finished, two points more than the five-year average.
U.S. corn export inspections tallied 608,810 tonnes, improving over last week’s 575,000.
Cordonnier cut two million tonnes from his projection on Brazil corn production, now at 121 million. He held Argentina at 52 million tonnes.
AgRural said corn planting in central and southern Brazil was more than three-quarters finished, compared to 70 per cent a year ago.
France upped its call on its corn production from October by 420,000 tonnes at 12.2 million. That would also make it 13.3 per cent more than in November 2022.
WHEAT futures were mixed on Tuesday, with losses in Chicago and Kansas City while Minneapolis was higher.
The planting of U.S. winter wheat was 93 per cent done, on par with the average pace. The crop rated 47 per cent good to excellent, down three points from last week.
The USDA said wheat export inspections were 207,205 tonnes, up 114,000 from the previous week.
Japan issued a tender for 104,677 tonnes of wheat from Australia, Canada and the U.S.
