By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned lower on Monday, unable to hang on to earlier gains.
There was too much pressure from sharp declines in Chicago soyoil, which couldn’t be compensated by upticks in European rapeseed as well as Chicago soybeans and soymeal. Despite fading, Malaysian palm oil managed to cling on to small gains. Global crude oil prices pulled back further weighing on vegetable oil values.
The Prairie forecast has called for rain for most of this week, while temperatures are to be cooler than normal.
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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 is relatively steady at mid-afternoon Monday as the loonie inched up to 73.20 U.S. cents compared to Friday’s close of 73.16.
There were 41,290 contracts traded on Monday, compared to Friday when 52,182 contracts changed hands. Spreading accounted for 15,194 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola May 616.30 dn 1.40 Jul 633.00 dn 1.40 Nov 649.10 dn 2.40 Jan 657.10 dn 2.40
SOYBEAN futures at the Chicago Board of Trade were higher on Monday, but slipped back from bigger gains earlier in the session.
The United States Department of Agriculture issued its export inspections report for the week ended Apr. 25, showing outbound movements of soybeans of 250,332 tonnes. That’s well below the 443,508 tonnes last week, with the year to date at 38.75 million tonnes compared to 45.46 million a year ago.
While China has turned away soybean imports from the U.S. in favour of those from Brazil, it’s also purchasing more from Argentina.
And in Argentina, reports said oilseed workers at the port of San Lorenzo near Rosario were scheduled to walk off the job today. Their three-day protest over President Javier Milei’s austerity program could hamper Argentina’s exports of soymeal and soyoil.
Strategie Grains maintained is estimate of 2024/25 European Union rapeseed production at 18.1 million tonnes, which would be nine per cent less than in 2023/24. However, the European Commission pegged the 2024/25 harvest at 19.4 million tonnes, down 400,000 from last year.
Also Strategie Grains bumped up its forecast of EU sunflowers to 10.75 million from last year’s 9.71 million. Soybeans are to nudge up 200,000 tonnes at 3.1 million.
CORN futures were slightly lower on Monday, getting pressure from Chicago and Kansas City wheat.
While much of the U.S. Midwest received rain over the weekend, more than 70 tornadoes wrought havoc, with more twisters forecast today.
Export inspections of U.S. corn were nearly 1.23 million tonnes, down from 1.66 million the previous week. The year to date climbed to 31.62 million tonnes versus 23.90 million this time last year.
WHEAT futures were mixed on Monday, with sharp declines in Chicago, more moderate losses in Kansas City, but upticks in Minneapolis.
The USDA said wheat export inspections slipped to 481,183 tonnes from last week’s 450,323. The year to date reached 16.92 million tonnes, but behind those from a year ago of 18.26 million.
FranceAgriMer cut the country’s durum crop by three points at 67 per cent good to excellent and trimmed the soft wheat crop by one point at 63 per cent good to excellent.
Dryness in parts of Ukraine and Russia has stressed wheat and other crops.
Farmers in Poland suspended their last blockade of grain imports from Ukraine, but protests are planned for Warsaw. Farmers have been upset over cheaper imports from Ukraine.
