By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures posted small increases in light activity on Tuesday, the final day of trading for 2024.
The markets in Canada and the United States will be closed Wednesday for New Year’s. As well, today is first notice day for January futures.
As crude oil prices increased more spillover went into the vegetable oils. That helped up to raise canola along with additional support from the Chicago soy complex and most positions in European rapeseed. However, declines in Malaysian palm limited the extent of canola’s gains.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange remained lower in the middle of trading on Tuesday…
The March canola contract climbed above its 20-day moving average but fell short of reaching its 100-day average.
Canola crush margins swung higher, with the March position exceeding C$119 per tonne above the futures.
There were 18,557 contracts traded on Tuesday, compared to 28,864 on Monday. Spreading accounted for 7,314 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Mar 615.90 up 1.80 May 623.90 up 1.20 Jul 626.30 up 1.00 Nov 605.10 up 1.40
SOYBEAN futures at the Chicago Board of Trade were stronger on Tuesday in holiday trading.
The commodity markets in the United States will be closed for New Year’s on Wednesday, reopening on Thursday at 8:30 am CST.
Come Jan. 9, the agricultural markets will close at 12:15 pm CST for the state funeral of former U.S. President Jimmy Carter.
The U.S. Department of Agriculture attaché in Brazil projected that country’s 2024/25 soybean exports at nearly 105 million tonnes.
The U.S. Energy Information Administration reported nearly 1.23 billion gallons of soyoil were used for biofuel production in October for the third most amount on record for any month.
The U.S. Commodity Futures Trading Commission reported the managed money position in soybeans as of Dec. 24 sold 8,369 contracts with the net short position now at 67,883. The short in soymeal reached a record 96,371 contracts after selling 7,400. Soyoil flipped to a short of 19,561 contracts from selling 22,200.
Michael Cordonnier of Soybean and Corn Advisor reduced his call on Argentina soybean production by two million tonnes, now at 53 million. He held his forecast on Brazil soybeans at 171 million tonnes.
CORN futures were higher on Tuesday correcting from yesterday’s losses.
The CFTC reported corn the net managed money position rose 1,532 contracts at 160,947.
Cordonnier trimmed his projection on Argentina corn output by one million tonnes at 50 million and kept Brazil corn at 125 million tonnes.
WHEAT futures were higher on Tuesday, getting spillover from corn.
With a lack of snow cover across much of the U.S. Southern Plains, coming colder temperatures could adversely affect the region’s winter wheat.
The net managed money short in Chicago wheat rose by 7,608 contracts to 95,009. That Kansas City wheat shifted by 1,869 contracts to a short of 34,936 and Minneapolis wheat dipped 35 contracts with its short at 26,982.
