By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures fended off pressure from most comparable oils to finish higher on Tuesday.
Trading resumed following holidays in Canada and the United States on Monday.
Chicago soyoil was down but finished off of its lows. European rapeseed was mixed while there were small upticks in Malaysian palm oil. Additional support came from gains in Chicago soybeans and soymeal. Modest losses in global crude oil prices added pressure on the oilseeds.
Read Also
Canadian Financial Close: More declines for loonie
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar fell back further on Wednesday, as the Bank…
Market participants speculated that buying by China underpinned canola values. There had been concerns that canola might have faded into negative territory today.
Agriculture and Agri-Food Canada forecast canola ending stocks for 2024/25 to rise to 1.95 million tonnes from the 1.4 million this year.
The Canadian dollar pulled back at mid-afternoon Tuesday with the loonie at 73.93 U.S. cents compared to Friday’s close of 74.16.
There were 67,009 contracts traded on Tuesday, compared to Friday when 48,065 contracts changed hands. Spreading accounted for 40,070 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Mar 584.80 up 7.40 May 593.40 up 5.70 Jul 602.10 up 4.70 Nov 607.60 up 3.40
SOYBEAN futures at the Chicago Board of Trade improved on Tuesday but finished off their highs.
The United States Department of Agriculture published its export inspections report and for the week ended Feb. 15, those for soybeans were nearly 1.19 million tonnes, slipping 156,000 from the previous week. The year-to-date climbed to 31.97 million tonnes but was 9.42 million behind this time last year.
The USDA announced a private sale of 228,000 tonnes of old crop soymeal to The Philippines.
While AgRural placed the Brazil soybean harvest at about 32 per cent complete, Patria Agronegocios estimated it at 31 per cent done, while Safras and Mercado pegged it at just over 29 per cent finished.
Also, Safras and Mercado projected Brazil soybean exports for 2024/25 at 94 million tonnes compared to 101.86 million in 2023/24.
Ukraine reported its soybean exports for the first half of February at 152,000 tonnes.
Iran purchased 120,000 tonnes of soymeal from South America.
CORN futures were higher on Tuesday, benefitting from spillover from soybeans and wheat.
Outbound movements of U.S. corn tallied 918,610 tonnes on the week, nudging up 26,275. The year-to-date of 18.12 million tonnes was 4.38 million ahead of a year ago.
The USDA reported a private sale of 155,000 tonnes of new crop corn to Japan.
Reports said the Biden administration could be set to announce year-round sales of gasoline with ethanol blended at more than 15 per cent, beginning same time next year.
AgRural estimated the harvest of Brazil’s first corn crop of the year at 59 per cent complete.
Safras and Mercado cut their call on total Brazil corn production by 3.3 million tonnes at 125.9 million.
The Buenos Aires Grain Exchange estimated crop conditions in Argentina at 27 per cent good to excellent, down four points from last week.
Ukraine said its corn exports for the first half of this month came to 1.5 million tonnes. At 91 per cent complete, the country’s corn harvest reached 28.75 million tonnes.
Indonesia said it will buy another 500,000 tonnes of feed corn to go with the same amount recently purchased. That would mark its largest corn imports since 2021.
Iran tendered for 120,000 of feed corn from South America or Europe.
WHEAT futures were stronger on Tuesday, with the largest gains in Chicago and Kansas City wheat.
U.S. wheat export inspections tallied 380,774 tonnes, down 26,750 from the previous week. The year-to-date reached 12.09 million tonnes, about 2.57 million short of this time last year.
A grain vessel loaded with wheat ran aground in South America’s Parana River on Feb. 17. Reports said the vessel was freed during the weekend, but traffic had yet to resume on Monday.
Iran bought 120,000 tonnes of feed barley, Japan tendered for 116,000 tonnes, and Jordan purchased 50,000 tonnes of milling wheat.
Ukraine reported its total grain exports for the first part of February totaled 3.1 million tonnes, of which 1.1 million was wheat.
