By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures fell back on Wednesday, giving up the gains they made yesterday.
Even without fresh bearish news, an analyst said it was “back into the tank we go,” as canola prices retreated. Another analysts stated canola was oversold and that positioning ahead of the earnings report from tech giant Nvidia influenced the equity and commodities markets.
Losses in the Chicago soy complex, European rapeseed and Malaysian palm oil added to the negative tone in canola. Modest upticks in global crude oil prices attempted to limit further declines in the oilseeds.
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Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
The Canadian dollar bumped up at mid-afternoon Wednesday with the loonie at 74.04 U.S. cents compared to Tuesday’s close of 73.98.
There were 46,215 contracts traded on Wednesday, compared to Tuesday when 67,009 contracts changed hands. Spreading accounted for 26,490 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Mar 574.00 dn 10.80 May 584.10 dn 9.30 Jul 593.40 dn 8.70 Nov 600.10 dn 7.50
SOYBEAN futures at the Chicago Board of Trade were weaker on Wednesday, in positioning ahead of the earnings report from tech giant Nvidia.
Rain was forecast for the United States Eastern Corn Belt. Temperatures across the continental U.S. are expected to remain well above normal through to the end of the month and perhaps longer, with few opportunities for more precipitation.
Dr. Michael Cordonnier chopped yet another two million tonnes from his call on 2023/24 Brazil soybean production, now at 145 million. Following a crop tour of Brazil, Agroconsult cut 1.8 million tonnes from its call on soybeans to 152 million.
Brazil export agency ANEC forecast the country’s February soybean exports at 7.3 million tonnes, down from the 7.55 million last February. Soymeal exports are to rise from 1.28 million tonnes in February 2023 to 1.86 million this month.
CORN futures were lower on Wednesday, due to pressure from soybeans and wheat.
The European Union corn imports so far in February reached 10.89 million tonnes, well short of the 18.85 million a year ago.
ANEC projected Brazil’s February corn exports at about 717,000 tonnes, dropping from 1.94 million a year ago.
Reports from Ukraine said farmers there are likely to plant two to three per cent less corn acres in 2024, with many of them switching to more profitable soybeans.
A Greek-flagged vessel carrying corn from Argentina to Yemen reached port after being attacked by drones operated by the Houthi militia.
WHEAT futures were mostly lower on Wednesday, with Chicago narrowly mixed.
The Texas winter wheat crop rating slipped two points at 40 per cent good to excellent as of Feb. 18.
Vessel traffic on South America’s Parana River resumed on Tuesday after a ship loaded with wheat ran aground during the weekend. However, vessels must limit the size of their loads.
Russia claimed it shipped 200,000 tonnes of free grain to six countries in Africa.
Thousands of farmers in India continued their protests over not being paid their legally binding assured prices and several of the proposed changes to the country’s agricultural sector being implemented by the Modi government.
